Royal Dutch Shell said on August 16 that the Anglo-Dutch energy giant has completed the sale of its 50% share in SADAF, the petrochemicals joint venture, located in Al Jubail, in the Kingdom of Saudi Arabia to SABIC for $820 million.
According to Shell, this sale was announced on January 22, 2017. Completion follows anti-trust filings in the relevant countries and regulatory approval from the Kingdom of Saudi Arabia, Shell said in a press release
This acquisition will enable Riyadh-based SABIC to optimise operations at SADAF and further invest in the facilities, integrating them with SABIC’s other affiliates, Shell said. “This step will allow Shell to focus its downstream activities and make selective investments to support the growth of its global chemicals business. Completion of this deal shows the clear momentum behind Shell’s global, value-driven $30 billion divestment programme,” Shell said, adding that this deal does not impact Shell’s other interests in the Kingdom of Saudi Arabia.