Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m

Saudi Aramco is to take full ownership of a refinery company based in Jubail Industrial City. (AFP)
Updated 21 April 2019

Aramco to buy Shell’s 50% stake in Saudi refining joint venture for $631m

  • The sale is expected to complete later this year
  • Saudi Aramco Shell Refinery Co., based in Jubail Industrial City, has a crude oil refining capacity of 305,000 barrels per day

DUBAI: 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 the refinery into its growing downstream portfolio. SASREF will continue to be a critical facility in our refining and chemicals business,” Abdulaziz Al-Judaimi, Aramco’s senior vice president of downstream, said in the statement.

Aramco aims to become a global leader in chemicals and the world’s largest integrated energy firm, with plans to expand its refining operations and petrochemical output.

For Shell, “the sale is part of an ongoing effort to focus its refining portfolio, integrating with Shell trading hubs and chemicals,” the company said.

Shell has sold over $30 billion of assets in recent years as it shifts its focus to lower carbon businesses such as natural gas and petrochemicals.


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.