Saudi Aramco pays Royal Dutch Shell ‘B’ (RDSB) $631m for Persian Gulf refinery exit. State-owned energy colossus Saudi Aramco has struck a deal to buy Royal Dutch Shell’s stake in an oil refinery joint venture on the Persian Gulf for $631m (£485m). The sale of Anglo-Dutch company’s 50pc stake in the Saudi Aramco Shell Saudi Arabia Refining (SASREF) joint venture is expected to complete later this year. Shell has been involved in the Jubail Industrial City-based joint venture for the past four decades. Its exit is part of the FTSE 100 company’s wider strategy to simplify its business and focus on a smaller number of trading hubs.
Nigeria gold mining project considers London listing. A mining company may look to bring its Nigerian gold project to the London market after securing $78m (£60m) in funding to bring the mine into production. Thor Explorations is weighing a listing on the London Stock Exchange next year having moved its management team to the UK ahead of work on its Segilola mine. Segun Lawson, chief executive, said: “London is on the same time zone as Nigeria, and on the London market there are oil companies with projects in Nigeria, so investors understand the country well.” Thor, which is currently listed in Toronto, may also consider selling shares on the Nigerian Stock Exchange.
