Saudi Aramco Completes Buy of Shell’s Port Arthur Refinery Stake

Saudi Aramco has now taken full control of the Port Arthur refinery in Texas, which it up to now has operated as a 50:50 joint venture, Motiva Enterprises, with the Shell group. Plans for the transaction were announced last year. Port Arthur is the US market’s largest oil refinery.

Along with the refinery, Aramco is also acquiring from Shell full ownership of 24 distribution terminals, giving it the exclusive right to sell Shell-branded gasoline and diesel in seven Southern US states.