Aramco to Acquire Shell’s Stake in SASREF

Aramco to Acquire Shell’s Stake in SASREF

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.



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