МОSCOW (MRC) -- Saudi Arabian Oil Company (Saudi Aramco) has completed the acquisition of Shell Saudi Arabia (Refining) Limited’s (Shell) 50% interest in the SASREF joint venture in Jubail Industrial City, in the Kingdom of Saudi Arabia, for USD631 million, said the company.
Completion follows receipt of all necessary regulatory consents. The acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.
For Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.
SASREF’s crude processing capacity is 305,000 bbl/day, according to its website. The refinery’s products include liquefied petroleum gas(LPG), naphtha, kerosene, diesel, fuel oil and sulphur.
As MRC reported before, a number of Saudi Arabia's companies, such as Tasnee, Sadara, Advanced Petrochemical and Saudi Kayan, announced a curtailment of feedstock to their petrochemical plants, including polyethylene (PE) and polypropylene (PP) facilities, by an average of 30-50% due to the attacks on key Saudi Aramco facilities on Saturday.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,255,800 tonnes in the first seven months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the estimated PP consumption in the Russian market was 796,120 tonnes in January-July 2019, up by 11% year on year. Shipments of PP block copolymer and homopolymer PP increased.
mrcplastr.com