Shell completes sale of stake in SADAF

Shell announced on Wednesday that it had completed the sale of its 50% share in SADAF, the company's joint venture with SABIC, following regulatory approval from the kingdom of Saudi Arabia.

The $820m transaction was initially announced on 22 January 2017, but completion had been pending anti-trust filings in the relevant countries and Saudi approval.

Following the sale, Saudi Basic Industries Corporation would be able to optimise operations at SADAF and further invest in the facilities.

In turn, it would allow Shell to focus its downstream activities and to carry out selective investments to grow its global chemicals business.

Shell said the deal would not impact on its other interests in the Kingdom.