SHELL & SAUDI AGREEMENT
SHELL - Royal Dutch Shell plc ("Shell") announces the signing of binding definitive agreements between SOPC Holdings East LLC (a U.S. downstream subsidiary of Shell) and Saudi Refining Inc. ("SRI") (a wholly owned subsidiary of Saudi Arabian Oil Company ("Saudi Aramco")) on the separation of assets, liabilities and businesses of Motiva Enterprises LLC ("Motiva"), a 50/50 refining and marketing joint venture.
A balancing payment of $2.2 billion has been agreed between the parties, subject to adjustments including for working capital. This value will be…
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