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Shell closes $631M stake sale in refining JV with Aramco

Royal Dutch Shell PLC subsidiary Shell Saudi Arabia (Refining) Ltd. completed the $631 million sale of its 50% stake in Saudi Aramco Shell Refinery Co. to its joint venture partner Saudi Arabian Oil Co., or Saudi Aramco.

The transaction integrates Shell's refining portfolio with Shell Trading hubs and chemicals operations and supports Saudi Aramco's downstream growth strategy, according to a Sept. 18 joint statement.

The deal was announced on April 21.

Located in Saudi Arabia's Jubail Industrial City, the refinery has a capacity of 305,000 barrels per day and its main products include liquefied petroleum gas, naphtha, kerosene, diesel, fuel oil and sulphur.