The largest oil refinery in the United States is now fully owned by a Saudi Arabian national oil company.
Aramco took full ownership Monday of Motiva in Port Arthur, Texas, a 50-50 joint venture founded over 20 years ago by Aramco and Shell. The two companies had been in discussions since last year regarding dissolving the project.
Aramco, already the world’s largest oil company, assumed complete ownership of the giant refinery, viewed as the crown jewel of the Gulf Coast, via its wholly-owned subsidiary Saudi Refining.
The deal followed meetings two weeks ago in Washington between Secretary of State Rex Tillerson, other Trump administration officials, and a Saudi business delegation.
The Saudi foreign ministry led the delegation who discussed U.S. investment opportunities in Saudi Arabia as part of a plan to restructure their economy by 2030, including privatizing Aramco in 2018.
According to a statement by Aramco, the company now owns the entire Motiva complex and its 24 fuel terminals.
Aramco also noted in the statement that it owns the rights to exclusively sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, Washington, D.C., the eastern half of Texas and most of Florida.
H/T: Washington Examiner
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Women Face Major Hurdles in Retirement