Shell to Sell stake in Sadaf Chemicals joint venture to Sabic

Shell to Sell stake in Sadaf Chemicals joint venture to Sabic

 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. Source: Shell Oil and Gas Press Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>

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