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In a statement released yesterday, oil giant Saudi Aramco informed that it will buy out Shell’s stake in refining joint venture SASREF for approximately $631 million. The Saudi Aramco Shell Refinery Co. (SASREF) facility holds a processing capacity of 305,000 barrels of crude oil per day. While the acquisition is in part of Aramco’s downstream expansion strategy, it falls in line with Shell’s renewed focus on lower carbon businesses.
