Shell sells its SADAF stake for $820 million

By John Donovan

Saudi Basic Industries has acquired Shell’s 50% share in the petrochemicals joint venture SADAF.

Shell has sold its stake for the sum of $820 million. The deal gives full control of the business to Saudi Basic Industries, the Saudi state-owned chemicals group known as Sabic. The sale proceeds will be used to invest in the growth of Shell’s own global chemical activities, such as in the USA.

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