Saudi Arabia: Shell completes sale of a petrochemical joint venture

Shell 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.

This acquisition will enable SABIC to optimise operations at SADAF and further invest in the facilities, integrating them with SABIC’s other affiliates, according to a press release.

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 $30bn divestment programme.

This sale was announced last January 2017.