Middle East Economic Survey

VOL. XLVIII

No 48

28-November-2005

SAUDI ARABIA

Aramco Overseas Sells Remaining Shares In Motor Oils Corinth Refinery

Aramco Overseas announced on 23 November that it had completed the sale of its remaining 41.9% stake in Motor Oil (Hellas) Corinth Refineries to majority shareholder Motor Oil Holdings, a member of the Vardinoyannis group of Greece. Saudi Aramco explained its decision to divest its remaining interest in the 100,000 b/d plant by pointing to its long-term...