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Shell sells 50% stake in SASREF to Saudi Aramco
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Report summary
On 21 April, Saudi Aramco announced it had agreed to acquire Shell's 50% stake in the SASREF refining joint venture for US$631 million. Wood Mackenzie's Net Cash Margin (NCM) analysis implies an EV/EBITDA multiple of ~3x for the transaction (assuming inventory transfer is excluded) and a weighting towards estimated 2018 site EBITDA. This EV/EBITDA multiple is low compared to recent regional transactions, reflecting the different circumstances of this asset.
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