Saudi Aramco and a consortium of Royal Dutch-Shell signed an accord to boost the international position of the Saudi company in refining and marketing spheres, and to continue its role as a reliable source of refined and high-quality petroleum products for Japan.
Under the accord, Saudi Armco will obtain a 9.96% share in Shawa-Shell, a refinery and marketing company. Saudi Aramco will provide Shawa-Shell with a minimum of 300,000 barrels of crude oil per day. The agreement will make Saudi Aramco the biggest supplier of crude oil to Japan. Aramco provides Japan with approximately one million barrels of crude oil per day.
Commenting on the above development, Saudi Aramco President Abdullah Jumah said that investment in the field of refining and marketing would further boost Saudi Aramco’s commitment and dedication to Japan. He noted that the sixty-year experience of Saudi Aramco in the field of oil exploration and production would significantly enhance Saudi-Japanese cooperation.
Source: SPA
