Oil and gas giant Shell is selling its stake in joint venture Saudi Aramco Shell Refinery (Sasref). Shell receives a sum of $ 631 million from Saudi Aramco for 50 percent of the refinery. The sale is expected to be completed later this year, subject to regulatory approval.

According to Saudi Aramco, the acquisition fits in with the company’s long-term strategy. In addition, it wants to increase the capacity and complexity of the refinery. For Shell, the deal is part of the ongoing efforts to better align its refining portfolio with the Chemicals division, among others.

Despite Shell taking its hands off of Sasref, the Amsterdam-listed group continues to explore “new business opportunities” with Saudi Aramco, Shell said.