Saudi Aramco could buy Shell's 50% stake in refining JV SASREF
Reuters reported that an agreement has already been reached between the two firms
Saudi Aramco is reportedly planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies.
Reuters reported that an agreement has already been reached, citing an anonymous source.
SASREF is based in Jubail Industrial City, with refining capacity of 305,000 barrels per day (bpd), according to the company website. It mainly produces liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.