Saudi Aramco to acquire Shell’s SASREF refining stake

Saudi Aramco is to acquire Shell’s 50% share of the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for $631mn.

Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream, says: ‘The partnership with Shell has led to a strong record of performance and delivery of refined products. Saudi Aramco will take full ownership and integrate the refinery into its growing downstream portfolio. SASREF will continue to be a critical facility in our refining and chemicals business and we look forward to further optimising its performance and long term viability.’

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 refinery has a capacity of 305,000 b/d. The main products are LPG, naphtha, kerosene, diesel, fuel oil and sulphur.