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Business

Shell’s SADAF exit raises $820 million

by Alex Scott
January 30, 2017 | APPEARED IN VOLUME 95, ISSUE 5

Oil giant Shell has agreed to sell its 50% stake in Jubail, Saudi Arabia-based Saudi Petrochemical Co. (SADAF) to Saudi Basic Industries, SADAF’s co-owner, for $820 million. SADAF has a total output of more than 4 million metric tons per year of chemical products that include chlorine, ethanol, ethylene, ethylene dichloride, methyl tert-butyl ether, and styrene. The move is driven by Shell’s goal to narrow the range of its chemicals portfolio. The joint venture agreement would have expired in 2020.

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