Sabic acquires full ownership in Sadaf JV $820mn

Sabic acquires full ownership in Sadaf JV for $820mn

10:09 AM, 17th August 2017
Sadaf logo

AL JUBAIL, SAUDI ARABIA: Sabic has completed the acquisition of 50 percent stake in Sadaf, from its joint venture (JV) partner, Royal Dutch Shell plc, for $820 million. With this acquisition, Sabic will hold 100 percent of Sadaf.

Sadaf is 50:50 petrochemicals JV between Sabic and Pecten Arabian Company Ltd, a subsidiary of Shell Oil Company and located in Al Jubail, in the Kingdom of Saudi Arabia.

This acquisition will enable Sabic to optimize operations at Sadaf and further invest in the facilities, integrating them with Sabic’s 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.

Completion of this deal shows the clear momentum behind Shell’s global, value-driven $30bn divestment programme.

© Worldofchemicals News

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