SABIC buys out Shell venture for $820M

|By:, SA News Editor

Saudi Basic Industries Corp. has signed an agreement to acquire the 50% that it doesn't already own in its petrochemical venture with Shell Arabia, a unit of Royal Dutch Shell (RDS.A, RDS.B), for $820M.

The venture, known as SADAF, was established in 1980 and operates six petrochemical plants with total annual output of over 4M metric tons a year.

Update: Shell's head of exploration Ceri Powell is likely to resign next month, according to Reuters.

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