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Saudi's SABIC to acquire remaining stake in Saudi JV with Shell for $820 mln

Reuters - UK Focus

DUBAI, Jan 22 (Reuters) - Saudi Basic Industries Corp (SABIC) has signed an agreement to acquire the remaining stake of its joint venture with Shell Arabia, a unit of Royal Dutch Shell (LSE: 0LN9.L - news) in Saudi Arabia for $820 million, SABIC said on Sunday.

The agreement which is expected to be complete before the end of this year is subject to regulatory measures, SABIC said.

It said it signed another memorandum of understanding on Sunday with Shell Arabia to boost cooperation in international and local investment opportunities.

(Reporting by Hadeel Al Sayegh; Writing by Reem Shamseddine; Editing by Elaine Hardcastle)