Saudi Aramco acquires additional shares in Showa Shell
Posted: 22 June 2005
Aramco Japan Holdings Company B.V., a subsidiary of Saudi Arabian Oil Company (Saudi Aramco) on June 21 acquired an additional 18,840,000 shares in Showa Shell from Royal Dutch/Shell Group.
Saudi Aramco acquired a 9.96 per cent strategic shareholding in Showa Shell Sekiyu K.K. (Showa Shell) from Royal Dutch/Shell Group pursuant to an Agreement signed in July 2004.
At that time, Saudi Aramco agreed in principle to acquire the additional shareholding (subject to satisfaction of certain commercial conditions), to enhance its longstanding partnership with the company’s largest shareholder, Royal Dutch/Shell Group, and strengthen Showa Shell’s refining and marketing business in Japan.
As a result of completion of this share transfer, Saudi Aramco now holds 14.96 per cent of Showa Shell shares, while Royal Dutch/Shell Group holds 35.04 per cent.
Rob Routs, Shell Executive Director Downstream said, “We have been very pleased with the progress of this agreement and our growing partnership with Saudi Aramco.”
“Showa Shell has the long term commitment and support of two strong global energy shareholders, Saudi Aramco and Royal Dutch/Shell Group, from which it draws a combination of crude supply, refining and marketing strengths, to bolster its future opportunities and contribution to Japanese industry,” added Mr Routs.
Abdulaziz F. Al-Khayyal, Saudi Aramco Senior Vice President of Refining, Marketing & International, said that the transaction is consistent with Saudi Aramco’s global strategy of investing in commercially viable downstream joint ventures with world-class partners in key markets.
“With increasing growth in global oil demand, this transaction strengthens a very promising partnership with Royal Dutch/Shell Group and Showa Shell, and enables us to better serve the Japanese market through long-term supply of Saudi crude,” said Mr. Al-Khayyal.
For more information see www.saudiaramco.com
Posted by Richard Price, Editor, EnergyME.com
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