Saudi Aramco, Saudi Arabia’s state-owned oil company, has taken 100% control of the huge refinery in Port Arthur, TX. The deal, that was first announced in 2016, makes Aramco the owner of the largest oil refinery in the United States. The sprawling Gulf Coast facility is able to process 600,000 barrels of oil per day.
In addition, Aramco has acquired full ownership of 24 distribution terminals, and has the exclusive right to sell Shell-branded gasoline and diesel in five states, the eastern half of Texas and the majority of Florida.
Aramco previously owned 50% of the refinery through Motiva Express, a joint venture that involved Royal Dutch Shell. But the two oil giants reached a deal in 2016 to separate their assets. The deal helps the oil giant to shore up the U.S. ahead of its IPO, anticipated to take place in 2017.
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