Saudi Aramco will buy the share of Shell International in the Sasref joint venture for 631 million USD.

The Sasref’s core business is crude oil purification and processing into petroleum products mainly for export to international markets. The production capacity of the refinery located in Jubail Industrial City reaches 305,000 barrels per day. Its main products are LPG, kerosene, diesel, fuel oil and sulfur. The company employs over 700 employees, most of whom are Saudis.

Saudi Aramco will take over whole ownership will integrate the refinery into its growing portfolio, the company said. The acquisition is part of its plan to strengthen the capacity of its refineries as part of a long-term growth strategy.

It is expected that the sale will end later this year if it receives the approval of the regulatory authorities.

Shell is at the heart of the Sasref project by signing the first agreement in 1981. The construction of the plant ended in 1984. Saudi Aramco is Shell’s partner in the 1993 project.

The agency adds that since the beginning of the year, the Saudi company has announced intentions for major investments in China and South Korea. It intends to diversify its activities by proceeding with the processing of raw materials.

Saudi Aramco recently gathered 12 billion USD in its first offering of bonds that are maturing for 3 to 30 years. The bond issue caused a great deal of interest among investors seeking access to the most profitable company in the world.