Oil giant Shell has announced that Saudi Aramco has bought up its 50% interest in the Shell Saudi Arabia (Refining) Limited’s (SASREF) joint venture in Jubail Industrial City.
The deal has been agreed for more than £500 million.
Shell said the completion of the deal is contingent on “receipt of all necessary regulatory consents”.
The acquisition is understood to support Saudi Aramco’s longer term plan to increase the “complexity and capacity” of its refineries, as part of its downstream growth strategy.