Shell: sells stake in refinery to partner Saudi Aramco
(CercleFinance.com) - Anglo-Dutch oil giant Shell said on Monday that it has agreed to sell its 50% stake in a refining joint venture in Saudi Arabia to partner Saudi Aramco for 631 million dollars.
The refinery, located in Jubail Industrial City on Saudi Arabia's east coast, has a capacity of 305,000 barrels per day, producing liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.
For Shell, the sale is part of a strategy to focus its refining portfolio, integrating it with chemicals, the company said.
The sale is expected to be completed later this year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The refinery, located in Jubail Industrial City on Saudi Arabia's east coast, has a capacity of 305,000 barrels per day, producing liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.
For Shell, the sale is part of a strategy to focus its refining portfolio, integrating it with chemicals, the company said.
The sale is expected to be completed later this year.
Copyright (c) 2019 CercleFinance.com. All rights reserved.