Aramco Buys Shell’s Sasref Stake In Push To Increase Downstream Control

The Sasref equity deal will give Aramco total control of one of Jubail’s two refineries, where it will have a major petchems hub following the takeover of Sabic.

Saudi Aramco has put downstream expansion and integration at Jubail on the Saudi Gulf right at the top of its agenda with the 21 April announcement to buy Shell’s 50% share of the Sasref joint refinery. Sasref is located in Jubail Industrial City and Aramco will pay Shell $631mn, with the deal set to be completed by end-2019.

Aramco’s downstream senior vice-president Abdulaziz al-Judaimi says the state petroleum firm will “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 optimizing its performance and long-term viability.” (CONTINUED - 1002 WORDS)

DATA INSIDE THIS ARTICLE

table Aramco’s Jubail Refineries