Aramco plans to buy Shell's stake in Saudi refining JV - sources
Reuters
Published Apr 17, 2019 12:55
Aramco plans to buy Shell's stake in Saudi refining JV - sources
DUBAI (Reuters) - Saudi Aramco plans to buy Royal Dutch Shell's 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday.
One of the sources said an agreement has been reached between Aramco and Shell (LON:RDSa).
Aramco and Shell declined to comment.
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).
Shell has sold over $30 billion (£23 billion) of assets in recent years as it shift its focus to lower carbon businesses such as natural gas and petrochemicals.
Energy Intelligence first reported the stake purchase plan earlier on Wednesday.
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Written By: Reuters
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