Royal Dutch Shell has completed the sale of its 50% share in SADAF chemicals.
SABIC has paid Shell $820 million (€698 million) for its share in SADAF, a petrochemicals joint venture located in Al Jubail, in the Kingdom of Saudi Arabia. With the sale first announced in January 2017, completion follows anti-trust fillings in the relevant countries and regulatory approval from the Kingdom of Saudi Arabia.
“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 statement from Shell.
“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.”
Headquartered in Riyadh, Saudi Arabia, SABIC is an international specialist in diversified chemicals. Manufacturing in the Americas, Europe, Middle East and Asia Pacific, the company produces a wide range of products: chemicals, commodity and high performance plastics, agri-nutrients and metals.