RIYADH, April 21 (Xinhua) -- The Saudi Arabian Oil Company (Saudi Aramco) said on Sunday that the company will acquire the Dutch oil company Shell's 50-percent share of a joint venture refinery in Saudi Arabia's Jubail Industrial City for 631 million U.S. dollars.
In a statement on Saudi Aramco's website, Abdulaziz Al-Judaimi, the company's senior vice president of downstream, said the partnership with Shell has led to a strong record of performance and delivery of refined products.
Saudi Aramco will take full ownership and integrate the SASREF refinery into its growing downstream portfolio, he noted.
"SASREF has been a long and successful partnership between Shell and Saudi Aramco. The refinery has operated with good reliability and has an impressive safety record," said John Abbott, Shell downstream director.
The sale, which is subject to regulatory approval, is expected to complete later this year.
The refinery has a capacity of 305,000 barrels per day. The main products are liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.
