Saudi Aramco Acquires Shell’s Share of the Sasref Refining Joint Venture

Aramco Logo via Reuters
Aramco Logo via Reuters
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Saudi Aramco Acquires Shell’s Share of the Sasref Refining Joint Venture

Aramco Logo via Reuters
Aramco Logo via Reuters

Confirming progress in its projects and aspirations despite the terrorist events against its oil plants last Saturday, Saudi Aramco has completed the acquisition of Shell Saudi Arabia Refining’s (Shell) 50% interest of the SASREF joint venture in Jubail Industrial City, in Saudi Arabia, for $631mn.

Completion follows receipt of all necessary regulatory consents.

This acquisition supports Saudi Aramco’s plan to increase the complexity and capacity of its refineries, as part of its long-term downstream growth strategy.

Meanwhile for Shell, the sale is part of an ongoing effort integrating its refining portfolio with Shell Trading hubs and chemicals operations.



Iraq PM Inaugurates Gas Projects that Aid Plan to Stop Flaring

13 January 2023, Berlin: Mohammed Shia al-Sudani, prime minister of Iraq, makes remarks at a press conference after his talks with Chancellor Scholz at the Federal Chancellery. (dpa)
13 January 2023, Berlin: Mohammed Shia al-Sudani, prime minister of Iraq, makes remarks at a press conference after his talks with Chancellor Scholz at the Federal Chancellery. (dpa)
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Iraq PM Inaugurates Gas Projects that Aid Plan to Stop Flaring

13 January 2023, Berlin: Mohammed Shia al-Sudani, prime minister of Iraq, makes remarks at a press conference after his talks with Chancellor Scholz at the Federal Chancellery. (dpa)
13 January 2023, Berlin: Mohammed Shia al-Sudani, prime minister of Iraq, makes remarks at a press conference after his talks with Chancellor Scholz at the Federal Chancellery. (dpa)

Iraqi Prime Minister Mohammed Shia al-Sudani has inaugurated two natural gas projects in Basra that will support Iraq's targets to eliminate gas flaring and achieve gas self-sufficiency by 2027, Iraq's oil minister said in an Instagram post on Thursday.

A dry gas unit at the Basra Gas Liquefaction Plant will add 170 million standard cubic feet per day of gas and 1,000 metric tons per day of LPG, the post said. The second project, the Faihaa Central Gas Processing Facility, is designed to process 130 million cubic feet per day, it said.

As gas capture improves, condensate production is expected to reach 200,000 barrels per day soon, enabling higher export volumes and domestic blending, an Iraqi ministry source said.