Aramco Buys Shell's Stake in Saudi JV
The Saudi Arabian Oil Company (Saudi Aramco) is planning to buy oil major Shell's 50% stake in Saudi Aramco Shell Refining Co (SASREF), a Saudi refining complex developed as a joint venture between the two oil companies, for $631 million.Abdulaziz Al-Judaimi, Saudi Aramcoâs Senior Vice President of Downstream, said: âThe partnership with Shell has led to a strong record of performance and delivery of refined products. Saudi Aramco will take full ownership and integrate the refinery into its growing Downstream portfolio. SASREF will continue to be a critical facility in our refining and chemicals business and we look forward to further optimising its performance and long term viability.âJohn AbbottâŚ
John Abbott Appointed Downstream Director
Royal Dutch Shell plc announced the appointment of John Abbott as Downstream Director with effect from October 1, 2013. In his new role, Mr. Abbott will become a member of the companyâs Executive Committee and will take over from Ben van Beurden who, as previously announced, becomes Chief Executive Officer with effect from January 1, 2014.
Canadian Government Supports Shell CCS Project
Shell announced on Friday that it had signed agreements with the Governments of Alberta and Canada to secure $865 million in funding for its Quest Carbon Capture and Storage (CCS) Project. The Quest Project will capture and permanently store deep underground more than one million tons of carbon dioxide per year from Shellâs Scotford Upgrader near Edmonton, Alberta, which processes heavy oil from the Athabasca oil sands. âQuest would be the first application of CCS technology for an oil sands upgrading operation,â says John Abbott, Shellâs Executive Vice President of Heavy Oil. Shell aims to improve its oil sands environmental performance through carbon dioxide reduction, improved water management and minimal impacts of tailings ponds.
