Saudi Aramco plans to purchase Royal Dutch Shell’s stake in the Saudi Aramco Shell Refinery (SASREF), according to Reuters.

A deal has been reportedly reached between the Saudi oil giant and Shell, which owns 50% of the refining complex. However, both companies are yet to comment.

SASREF, a joint venture (JV) between the two companies, has a production capacity of 305,000 barrels per day (b/d) of crude oil.

Saudi Aramco announced earlier that it has reached an agreement for its subsidiary, Aramco Overseas Company (AOC), to purchase a 17% stake in South Korea’s Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings in a $1.25 billion investment.

Aramco was recently named the most profitable business in the world by Moody’s Investors Services, with profits exceeding $111 billion in 2018.