Shell: sells stake in refinery to partner Saudi Aramco

(CercleFinance.com) - Anglo-Dutch oil giant Shell said on Monday that it has agreed to sell its 50% stake in a refining joint venture in Saudi Arabia to partner Saudi Aramco for 631 million dollars.


The refinery, located in Jubail Industrial City on Saudi Arabia's east coast, has a capacity of 305,000 barrels per day, producing liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.

For Shell, the sale is part of a strategy to focus its refining portfolio, integrating it with chemicals, the company said.

The sale is expected to be completed later this year.

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