Aramco to buy Shell's stake in Saudi refining JV for $631 million

Saudi Aramco will acquire Royal Dutch Shell's 50 percent stake in their Saudi refining joint venture SASREF for $631 million, the two companies said on Sunday. The purchase, which is part of Aramco's strategy to expand its downstream operations, will be completed later this year, they said in a joint statement.

Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd). "Saudi Aramco will take full ownership and integrate.

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