State oil giant Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining Limited’s (Shell) 50 percent share of the SASREF joint venture in Jubail Industrial City for $631 million (SAR 2.3 billion).

 

The SASREF facility has a capacity of 305,000 barrels per day. The main products are liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.

 

Completion follows receipt of all necessary regulatory consents, a joint statement said. 

 

“The sale is part of an ongoing effort integrating our refining portfolio with Shell Trading hubs and chemicals operations,” the Hague-headquartered firm said.

 

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.

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Saudi Aramco to acquire Shell’s 50% stake in SASREF refinery

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