The deal, which is part of Aramco's strategy to expand downstream activities, is expected to be completed later this year, according to a joint statement of the two companies.
Sasrif refinery is located in the industrial city of Jubail, Saudi Arabia, and its refining capacity is 305 thousand barrels per day. Aramco aspires to become one of the largest chemical companies and the largest integrated energy company in the world, with Plans to expand refining and petrochemical production.
Shell has sold more than $ 30 billion in assets in recent years, while the company is shifting its focus towards low carbon activities such as natural gas and petrochemicals.
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