April 17, 2019 / 10:20 AM / 3 months ago

Aramco plans to buy Shell's stake in Saudi refining JV - sources

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

DUBAI (Reuters) - Saudi Aramco plans to buy Royal Dutch Shell’s 50 percent stake in Saudi refining complex SASREF, a joint venture between the firms, two sources said on Wednesday.

One of the sources said an agreement has been reached between Aramco and Shell.

Aramco and Shell declined to comment.

Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).

Shell has sold over $30 billion (£23 billion) of assets in recent years as it shift its focus to lower carbon businesses such as natural gas and petrochemicals.

Energy Intelligence first reported the stake purchase plan earlier on Wednesday.

Reporting by Rania El Gamal, editing by Louise Heavens and Susan Fenton

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