The Sasref equity deal will give Aramco total control of one of Jubail’s two refineries, where it will have a major petchems hub following the takeover of Sabic.

Saudi Aramco has put downstream expansion and integration at Jubail on the Saudi Gulf right at the top of its agenda with the 21 April announcement to buy Shell’s 50% share of the Sasref joint refinery. Sasref is located in Jubail Industrial City and Aramco will pay Shell $631mn, with the deal set to be completed by...