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FILE PHOTO: The Saudi Aramco logo is presented at the 20th Middle East Oil and Gas Exhibition and Conference (MOES 2017) in Manama, Bahrain on March 7, 2017. REUTERS / Hamad I Mohammed // File Photo
DUBAI (Reuters) – Saudi Arabia's Aramco announced on Sunday the acquisition of Royal Dutch Shell's 50 percent stake in the Saudi-owned refining joint venture SASREF for $ 631 million.
The sale is expected to close later this year, the two companies announced in a joint statement.
The Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City, Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd).
Report by Rania El Gamal; Edited by Mark Potter
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