Saudi Aramco completes acquisition of Shell’s share in SASREF JV

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.