Royal Dutch Shell on August 17, 2017, has completed the sale of its 50 % 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 % stake. This sale was announced on 22 January 2017, according to the 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.
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