BREAKING NEWS

BREAKING NEWS

Aramco to buy Shell's 50 percent stake in Saudi refining JV for $631 million

Aramco to buy Shell's 50 percent stake in Saudi refining JV for $631 million
FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed -
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Hamad I Mohammed(Reuters)
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DUBAI (Reuters) - Saudi Aramco said on Sunday it would acquire Royal Dutch Shell's 50 percent stake in Saudi refining joint venture SASREF for $631 million (£485.4 million).

The sale is expected to complete later this year, the two companies said in a joint statement.

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).

(Reporting by Rania El Gamal; Editing by Mark Potter)

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