Thursday 19 July 2018

Shell completes sale of Sadaf stake to Sabic

JUBAIL, Saudi Arabia, August 17, 2017

Royal Dutch Shell has completed the sale of its 50 per cent share in Sadaf, a petrochemicals joint venture located in Al Jubail, Saudi Arabia, to Saudi Basic Industries Corp (Sabic) for $820 million.

Sabic already owns the other 50 per cent stake. This sale was announced in January 2017, said a Shell statement.

The completion follows anti-trust filings in the relevant countries and regulatory approval from Saudi Arabia, said the statement.

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, it said.

Completion of this deal shows the clear momentum behind Shell’s global, value-driven $30 billion divestment programme. - TradeArabia News Service

Tags: Shell | sabic | Sadaf |

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