Daily Management Review

Aramco To Acquire 50% Stake In Refining SASREF


04/24/2019


Aramco of Saudi looks to enter refining joint venture by purchasing fifty percent stake in Royal Dutch Shell in Saudi.



Source: commons.wikimedia.org; this image is under CC0
Source: commons.wikimedia.org; this image is under CC0
On Sunday, April 21, 2019, Saudi Aramco revealed that it plans on acquiring fifty percent stake of Royal Dutch Shell in Saudi. This way, the company seeks to enter in joint refining venture of SASREF, for an amount of “$631 million”, reported Reuters.
 
The expected date of the sale has not been specified although, it was stated that it is likely to take place “late this year”, whereby announcing the news in a joint statement given by both the companies.
 
While, Reuters added:
“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)”.
 
References:
reuters.com







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