Saudi Aramco has acquired Royal Dutch Shell’s 50 percent stake in their Saudi refining joint venture SASREF for $631 million.
Saudi Aramco Shell Refinery Co., based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day.
The purchase is part of Aramco’s strategy to expand its refining operations and petrochemical output.
Shell has sold more than $30 billion of assets in recent years as it shifts its focus to lower carbon businesses.