Saudi Aramco announced that it has completed the acquisition of Shell Saudi Arabia Refining’s 50% interest of the Saudi Aramco Shell Refinery (SASREF) joint venture (JV) in Jubail Industrial City for $631 million.

Aramco revealed that the deal has been completed following all the necessary regulatory approvals.

“The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy,” Aramco said in a statement.

On the other hand, the sale is part of Shell’s ongoing effort to integrate its refining portfolio with Shell Trading hubs and chemicals operations.