Saudi Aramco acquired Shell's stake in Saudi refining JV for $631m.

The Saudi Arabian Oil Company acquired Shell Saudi Arabia Refining’s 50% share of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631m. The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term Downstream growth strategy. For Shell, the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell Trading hubs and Chemicals. The sale is expected to complete later this year, subject to regulatory approval. The refinery has a capacity of 305k barrels per day. The main products are liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur. “SASREF has been a long and successful partnership between Shell and Saudi Aramco. The refinery has operated with good reliability, and has an impressive safety record. We’re proud of what we have achieved together over the past four decades and will continue to explore new business opportunities.” John Abbott, Shell Downstream Director.