Shell has completed the sale of its 50% share in SADAF, the petrochemicals joint venture, located in Al Jubail, in the Kingdom of Saudi Arabia to SABIC for $820 million. This sale was announced on 22 January 2017. Completion follows anti-trust filings in the relevant countries and regulatory approval from the Kingdom of Saudi Arabia.
This acquisition will enable SABIC to optimise operations at SADAF and further invest in the facilities, integrating them with SABIC’s other affiliates. This step will allow Shell to focus its downstream activities and make selective investments to support the growth of its global chemicals business. Completion of this deal shows the clear momentum behind Shell’s global, value-driven $30bn divestment programme.
This deal does not impact Shell’s other interests in the Kingdom of Saudi Arabia.
(Source: Shell Media)
Data available as on 5:30pm 11.05.2016
www.ogronline.com is Oman’s first oil and gas news portal. It is the digital extension of Oil & Gas Review (OGR) print magazine launched in 2008. The portal endeavours to be the most exclusive source of editorial insights into Oman’soil & gas industry and a must have publication catering to the Sultanate’s energy professionals’ community. The energy sector globally is an increasingly sophisticated place and Oman is no exception. OGR embodies that sophistication – in the content we publish, the design we create – because the readers we connect with are sophisticated.
UMS Group is one of the top media and communications’ companies in the GCC region. Visit our other Group sites
Copyright © 2017 United Media Services. All rights reserved.