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Tokyo, July 5 (Jiji Press)--Showa Shell Sekiyu K.K. said Monday that Saudi Arabian Oil Co., or Saudi Aramco, will snap up a 9.96 pct equity stake in the major Japanese oil refiner to become its second-largest shareholder.
The state-owned Saudi Arabian company will buy 37.54 million outstanding Showa Shell Sekiyu shares from the Royal Dutch/Shell group in August. At present, Saudi Aramco has no equity stake in Showa Shell Sekiyu.
The Anglo-Dutch oil major will see its Showa Shell Sekiyu stake fall to 40.04 pct from the current 50 pct after the sale, but it will remain the largest shareholder.
Saudi Aramco also obtained the …