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MENAFN.com: Saudi Aramco acquires 9.96% in Japan’s Showa Shell

6/08/2006 

(MENAFN) Saudi Aramco will acquire a 9.96% strategic shareholding in Showa Shell, a publicly traded Japanese refining and marketing company, SPA reported.

The transfer of shares is expected to be completed in August this year, subject to obtaining regulatory approvals.

Saudi Aramco has also agreed in principle to acquire an additional 4.99% of Showa Shell from the Royal Dutch/Shell Group, subject to satisfaction of certain commercial conditions.

This is an outcome of an accord signed recently by The Saudi Arabian Oil Company (Saudi Aramco).

Under the accord, Saudi Aramco will expand its worldwide refining and marketing presence and ensure a continued reliable source of high quality refined petroleum products in Japan, one of Saudi Aramco’s most important markets for crude oil.
 

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