Riyadh-Mubasher: Saudi Aramco said it signed a letter of intent with Royal Dutch Shell to end a U.S. refining joint venture that continued almost two decades.
The two parties plan to break up Motiva Enterprises LLC in a deal aiming to hand control of the biggest U.S. refinery to the Saudi state oil giant.
Aramco will accordingly retain Motiva brand and take ownership of the largest U.S. refinery in Port Arthur, Texas, along with 26 terminals.
Formed in 1998, Motiva has the capacity to process more than 1 million barrels of crude per day. A former partner in Motiva, Chevron Corp., exited the partnership in 2002 as part of a settlement with regulators.
