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Sunday, 22 January 2017

Shell sells $820m stake in Saudi petrochemicals business

Shell sells $820m stake in Saudi petrochemicals business:

"Royal Dutch Shell has agreed to sell its 50 per cent stake in a Saudi Arabian petrochemicals joint venture for $820m, the latest in a series of disposals aimed at reducing debts and streamlining the Anglo-Dutch group’s sprawling portfolio of assets. The deal will give full control of the business, known as Sadaf, to Shell’s partner, Saudi Basic Industries, the Saudi state-controlled chemicals group known as Sabic. The agreement end a 37-year alliance between Shell and Sabic, during which time Sadaf became the biggest petrochemical complex in the Middle East with combined output of 4m metric tonnes per year from six large plants in the Gulf city of Jubail."

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