*Deal worth $631 million
Riyadh — Saudi Arabia’s Aramco has said it will acquire Shell’s 50 percent stake in Saudi refining joint venture SASREF.
Saudi Aramco Shell Refinery Co, SASREF is sited in Jubail Industrial City with a crude oil refining capacity of 305,000 barrels per day.
In a statement on Sunday, the company said the deal is worth $631 million.
According to a joint statement by the two companies, the sale will be completed later this year.