$820m sale of Saudi Arabian plants continues Shell’s global reorganisation programme
Saudi Basic Industries (Sabic) will take complete control of Sadaf - its joint venture with Shell, based in Jubail, Saudi Arabia. The $820 million (£653 million) deal supports Sabic’s increasing focus on producing more complex, value-added chemicals. From Shell’s point of view it is part of a programme to sell off $30 billion in assets as the company reorganises after its $35 billion acquisition of BG group in 2016.
Shell has been steadily selling off peripheral assets and business units, including $3.8 billion-worth of interests in the UK North Sea; oil production and refining businesses in the Gulf of Mexico, Malaysia, Thailand, Canada, Denmark and Japan; and fuels and lubricants businesses in Australia, Denmark, Italy and across Africa.