Saudi Aramco and Shell separate and transfer assets for Motiva Enterprises joint venture
“Our longstanding investment in the United States is continuing to evolve and strengthen,” Amin H. Nasser, president and CEO of Saudi Aramco, said. “We view this transaction as a positive outcome of the strong and historic business of Saudi Aramco in the U.S. and see next steps to support Motiva in its ongoing role as a major refiner and a top provider of refined products and derivatives in the U.S.”
Saudi Aramco will retain the rights to the Motiva name and legal entity, a 600,000-barrels-per-day refinery in Port Arthur, Texas, a network of 24 distribution terminals, and the exclusive right to sell Shell-branded gasoline and diesel in select states under the Motiva brand. These states include Georgia, North Carolina, South Carolina, Virginia, Maryland and Washington D.C. as well as much of Florida and the eastern half of Texas.
“In preparation for transaction close, we are working diligently on two fronts – delivering on our 2017 business plan and preparing the company for a successful transition to stand-alone operation,” Dan Romasko, Motiva's president and CEO, said.