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Sun 22 Jan 2017 12:25 PM

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SABIC to acquire remaining stake in Saudi JV with Shell for $820m

The agreement which is expected to be complete before the end of this year is subject to regulatory measures, SABIC said

SABIC to acquire remaining stake in Saudi JV with Shell for $820m
Royal Dutch Shell. (Getty Images)

Saudi Basic Industries Corp (SABIC) has signed an agreement to acquire the remaining stake of its joint venture with Shell Arabia, a unit of Royal Dutch Shell in Saudi Arabia for $820 million, SABIC said on Sunday.

The agreement which is expected to be complete before the end of this year is subject to regulatory measures, SABIC said.

It said it signed another memorandum of understanding on Sunday with Shell Arabia to boost cooperation in international and local investment opportunities.

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