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Aramco to buy Shell's 50 pct stake in Saudi refining JV for $631 mln

DUBAI, April 21 (Reuters) - Saudi Aramco said on Sunday it would acquire Royal Dutch Shell's 50 percent stake in Saudi refining joint venture SASREF for $631 million.

The sale is expected to complete later this year, the two companies said in a joint statement.

Saudi Aramco Shell Refinery Co (SASREF), based in Jubail Industrial City in Saudi Arabia, has a crude oil refining capacity of 305,000 barrels per day (bpd). (Reporting by Rania El Gamal; Editing by Mark Potter)