Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel
Related Articles
Saudi Arabian Oil Co. said Sunday it will buy Royal Dutch Shell`s 50% interest in the SASREF refinery in Jubail Industrial City. Saudi Arabia. for $631 million after working together for four decades.
Aramco will take full ownership of the 305.000 b d refinery and integrate it into its existing downstream operations. according to the statement. The refinery mainly produces LPG. naphtha. kerosene. diesel. fuel oil and sulphur. The sale is expected to be completed later this year. subject to regulatory approval.
Aramco is expanding its refining operations and petrochemical output. Last month. it signed a deal to acquire a 70% majority stake in Saudi giant petrochemical company SABIC for $69.1 billion. Aramco plans to increase its global refining capacity to 8 million-10 million b d by 2030. from its current 4.9 million b d. Of the planned capacity. about 2 million-3 million b d will be converted to petrochemical products.
`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.` Aramco`s senior vice-president for downstream Abdulaziz Al-Judaimi said in the statement.
Shell will `continue to explore new business opportunites.` John Abbott. Shell`s downstream director. said. The sale is part of Shell`s efforts to `focus its refining portfolio. integrating with Shell trading hubs and chemicals.`
