Saudi Aramco announced on Sunday it will buy Royal Dutch Shell’s 50% interest in the SASREF refinery in Jubail Industrial City, Saudi Arabia, for $631 million.
The sale is expected to complete later this year, subject to regulatory approval.
According to the statement, Aramco will take full ownership of the 305,000 barrels per day refinery and integrate it into its existing downstream operations. The refinery mainly produces LPG, naphtha, kerosene, diesel, fuel oil and sulphur.
“SASREF will continue to be a critical facility in our refining and chemicals business and we look forward to further optimizing its performance and long term viability,” Aramco’s senior vice-president for downstream Abdulaziz Al-Judaimi said in the statement.
John Abbott, Shell Downstream Director, said: “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.”
Source: Shell
