Saudi Aramco and Shell have finalised the separation and transfer of the Motiva Enterprise joint venture assets.
Under the terms of the agreement, the assets that will be retained by Saudi Aramco's subsidiary Saudi Refining include:
- The Motiva Enterprises name, which will be used to continue operations as a Texas-based refiner, distributor and marketer of petrol, diesel and other petroleum products
- 24 distribution terminals with a total storage capacity of 11.1 million barrels. They support delivery to 5,300 Shell service stations as well as unbranded wholesalers and are used as product storage for third-party customers
- A 600,000 barrel per day refinery at Port Arthur, which also includes a 40,000 barrel per day base oil manufacturing plant
Amin Nasser, president and CEO of Saudi Aramco, says: 'We fully support Motiva's transition to a stand-alone integrated downstream provider of energy and with its strategic position, I am confident it will enable new opportunities for growth in the US energy sector.
'Saudi Aramco will provide Motiva with the strong financial support and necessary liquidity needed to maintain an investment grade credit rating and capitalise on growth and expansion opportunities to help the company become a highly competitive major downstream player in the US.'
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