Shell to Sell stake in Sadaf Chemicals joint venture in Saudi Arabia to Sabic

Posted by OilVoice Press - OilVoice


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.

ShellSadaf ChemicalsSaudi ArabiaSabic

More items from oilvoice

Tullow Oil: Pricing of $800m Senior Notes

16 March 2018 - Tullow Oil plc (“Tullow” or the “Company”) is pleased to announce that it has priced its offering of $800 million aggregate principal amount of 7% senior notes due 2025 at par (the “Notes”). The size of the offering has been increased from $650 million, indicated at launch on 12 Ma ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Tullow OilSenior Notes

Swire Oilfield Services Develops Norwegian Operations with New Base

Swire Oilfield Services, a global leading provider of Offshore Containers and oilfield services, has today developed its Norwegian operations with the opening of a new base facility in Mongstad. Swire Oilfield Services have invested over half a million pounds in the new facility which is approved ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Swire Oilfield ServicesNorwayMongstad +3

Government Policy Crucial For Future of Upstream Sector in Southeast Asia, Says GlobalData

As the upstream sector recovers from the 2014 oil price crash and resulting budget cuts, a number of Southeast Asian governments are adapting policies in the sector in the hope of capturing a share of new investment, according to GlobalData , a leading data and analytics company. The most signifi ...

OilVoice Press - OilVoice

Posted 1 day agoPress > GlobalDataupstreamSoutheast Asia +3

Elk Petroleum Half-Year FY2018 Results & Guidance

Half-Year headlines Aneth acquisition delivers dramatic growth in reserves, production, cash flow & shareholder value 44% increase in share price to A$0.095 (15 March 2018) – up from A$0.066 (30 June 2017) 1P Reserves1 = 47.5 mmboe – up 35.0 mmbbls (380% increase) since 30 June 2017 ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Elk PetroleumReportReserves +2

Range Resources Half -Yearly Report

Range today releases its half-yearly report (unaudited) for the 6 months ending 31 December 2017.    Yan Liu, Range's Chief Executive Officer, commented: “We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results. We conti ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Range ResourcesReportTrinidad +2
All posts from oilvoice