22-01-2017
Shell to sell stake in SADAF chemicals JV in Saudi Arabia to SABIC
Shell and SABIC have signed an agreement whereby SABIC will acquire Shell’s 50% share in the petrochemicals SADAF joint venture, located in Jubail, Kingdom of Saudi Arabia for $820 million. The SADAF joint venture encompasses six world-scale petrochemical plants with a total output of more than 4 million metric tons per year. This announcement marks an early termination of the joint venture agreement which was due to expire in 2020.
This acquisition will enable SABIC to further optimize operations at SADAF and further invest in the facilities, integrating them with SABICs 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.
Graham van’t Hoff, Executive Vice President Chemicals, Shell, said: “Our partnership with SABIC, spanning more than thirty years, has been a great success story. We’re proud to have established together one of the first petrochemical ventures in Saudi Arabia - it has grown substantially since the start, in 1986. We will continue to explore potential future opportunities with SABIC.”
Yousef Al-Benyan, SABIC Vice chairman and CEO, said, “Since SABIC’s early days, we have enjoyed a strong relationship with Shell Chemicals. We are confident that our journey of partnership together will continue and grow in strength. With this transaction SABIC is looking to capitalize on synergy opportunities of SADAF with other affiliates, and improve its operation and profitability.”
The transaction is subject to regulatory approval and is expected to complete later this year. Shell’s other activities in the country are not impacted.
News Category:
-
Beyond processbook & PI vision: Exploring today’s industrial analytics tools
(Webinar) - In the Manufacturing 4.0 era, industrial organizations have more data at their fingertips than ever, offering the promise of higher production rates, more ...
04-06-2024
-
Clariant launches new CATOFIN® 312 propane dehydrogenation catalyst
Clariant, a sustainability-focused specialty chemical company, today announced the launch of CATOFIN 312, its latest propane dehydrogenation catalyst. The new catalyst ...
16-04-2024
-
Yokogawa and GridBeyond conclude investment and strategic partnership agreements
Yokogawa Electric Corporation and energy IT solutions provider GridBeyond of Ireland announce that they have concluded a strategic partnership agreement. Furthermore, ...
16-04-2024
-
Heraeus Precious Metals launches Circlear
Heraeus Precious Metals, a globally leading company in the precious metals industry and one of the largest recyclers of precious metals, has introduced its new offering ...
16-04-2024
-
EMA and JERA to cooperate on LNG procurement and supply chains
The Energy Market Authority and JERA Co Inc, have signed a Memorandum of Understanding to cooperate on mutually beneficial areas in liquefied natural gas procurement ...
16-04-2024
-
Hexagon and Dragos unveil technical partnership to strengthen industrial cybersecurity
Hexagon’s Asset Lifecycle Intelligence division today announced a strategic partnership with Dragos, a global leader in cybersecurity for operational technology (OT). ...
16-04-2024
-
Radix partners with Cleopatra Enterprise to enhance project controls and turnaround management
Radix, a global technology solutions company, announced the signing of a partnership agreement with Cleopatra Enterprise, a leading project cost management software company. ...
16-04-2024
-
Rhône Energies in talks to buy Fos-sur-Mer refinery
Rhône Energies, a consortium of Entara LLC and Trafigura Pte Ltd, has entered into exclusive negotiations to acquire the Fos-sur-Mer refinery and the Toulouse and Villette ...
14-04-2024
-
Cenovus Energy to invest in Toledo and Lima refineries
Canada's Cenovus Energy said it will spend more than $1.5 billion on its 160,000 b/d Toledo and 185,000 b/d Lima refineries in Ohio over the next five years and expand ...
11-04-2024
-
Black & Veatch to proceed for FLNG project in Canada
Black & Veatch’s proven PRICO® liquefaction technology solidifies preferred status in the FLNG market. Global liquefied natural gas (LNG) infrastructure solutions ...
11-04-2024