Saudi Aramco recently announced a deal with Royal Dutch
Shell (Shell) to separate and transfer assets, liabilities and businesses
of the Motiva Enterprises LLC (Motiva) 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.
