You are here: Home » Companies » News
Business Standard

Aramco to buy Shell's stake in Saudi refining JV for $631 million

Aramco aims to become a global leader in chemicals and the world's largest integrated energy firm, with plans to expand its refining operations and petrochemical output

Reuters  |  Dubai 

Saudi Aramco will acquire Royal Dutch Shell's 50 percent stake in their Saudi refining joint venture SASREF for $631 million, the two companies said on Sunday. The purchase, which is part of Aramco's strategy to expand its downstream operations, will be completed later this year, they said in a joint statement. Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd). "Saudi Aramco will take full ownership and integrate the refinery into its growing downstream ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, April 22 2019. 00:03 IST
RECOMMENDED FOR YOU