logo
Plus   Neg
Share
Email

Saudi Aramco To Buy Shell's 50% Share Of SASREF Refining JV For $631 Mln

Saudi Arabian Oil Company (Saudi Aramco) announced on Sunday that it would buy Shell Saudi Arabia Refining Limited's (Shell) 50% share of the SASREF joint venture in Jubail Industrial City for $631 million. The refinery has a capacity of 305,000 barrels per day. The sale is expected to complete later this year.

Saudi Aramco specified that the acquisition supports its plan to increase the complexity and capacity of its refineries, and for Shell, the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell Trading hubs and Chemicals.

John Abbott, Shell Downstream Director, said: "SASREF has been a long and successful partnership between Shell and Saudi Aramco. The refinery has operated with good reliability, and has an impressive safety record. We're proud of what we have achieved together over the past four decades and will continue to explore new business opportunities."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Alibaba is upgrading its intellectual property system using blockchain technology, according to local news outlet Sohu. Alibaba Platform Management expects this to benefit mainly small and medium-sized enterprises, brands and entrepreneurs. The technology will be fully implemented in September, and thereafter, the company intends to expand it to the field of digital copyright protection. Electronics retailer Best Buy Co., Inc. (BBY) reported Thursday a 27 percent increase in profit for the first quarter from last year, which was impacted by restructuring charges, and higher revenues. Both adjusted earnings per share and revenues for the quarter topped analysts' estimates. The company also provides guidance for the second quarter and reiterated its outlook for the full-year 2020. While reporting financial results for the second quarter on Thursday, Hormel Foods Corp. (HRL) lowered its earnings and net sales guidance for the full-year 2019. For fiscal 2019, the company now projects earnings in a range of $1.71 to $1.85 per share, and net sales between $9.70 billion and $10.20...
Follow RTT