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August 27, 2006
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Sunday
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Sha'aban 2, 1427
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Aramco to buy stake in Showa Shell
RIYADH, Aug 26: Saudi Aramco, the state-owned oil conglomerate, plans to buy up to 14.95 per cent in Japan’s fifth-largest refiner Showa ShellSekiyu K.K., the official Saudi Press Agency (SPA) reported on Saturday.
SPA said the transfer of a 9.96 per cent stake in Showa Shell, a Royal Dutch Shell affiliate, would be completed in August, subject to regulatory approval.
“Saudi Aramco has also agreed in principle to acquire an additional 4.99pc of Showa ShellSekiyu from the Royal Dutch/ Shell Group, subject to satisfaction of certain commercial conditions,” it added in a dispatch from Tokyo.
Under the agreement, Saudi Aramco will supply a minimum of 300,000 bpd of Arabian crude to Japan.It said the deal would expand Aramco's refining and marketing presence and ensure a reliable supply of high quality refined petroleum products in
Japan.—Reuters
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