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Saudi Aramco Acquires Shell’s Share of ASREF Refining JV

Gasoil News - Published on Fri, 20 Sep 2019

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Saudi Arabian Oil Company has completed the acquisition of Shell Saudi Arabia Refining Limited’s 50% interest of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for USD 631 million. Completion follows receipt of all necessary regulatory consents. 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 integrating its refining portfolio with Shell Trading hubs and chemicals operations.

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Posted By : Rabi Wangkhem on Fri, 20 Sep 2019
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