Saudi Aramco's downstream plans to get a boost with acquisition of Shell’s stake in Sasref JV

25-Apr-19

Saudi Arabian Oil Company (Saudi Aramco) plans to acquire Shell Saudi Arabia Refining Limited’s (Shell) 50% share of the Sasref joint venture in Jubail Industrial City in Saudi Arabia, for US$631 mln. The sale is expected to complete later this year, subject to regulatory approval. The refinery has a capacity of 305,000 bpd with liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur being the main products produced at the plant, according to a statement from Saudi Aramco.

“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,” said Abdulaziz Al-Judaimi, Saudi Aramco‘s Senior Vice President of Downstream. In March, Saudi Aramco acquired a 70% stake in Saudi Basic Industries Corporation (Sabic) for US$69.1 bln to boost its presence in the downstream sector. decision has been taken to invest in India’s US$44 bln Ratnagiri petrochemical complex in partnership with Abu Dhabi National Oil Company (Adnoc).