Saudi Aramco plans to invest in Motiva in US
The reports revealed that $12 billion will initially be used to expand the company’s refining capacity at Port Arthur, Texas and to increase Motiva’s operations in the petrochemical value chain. The additional $18 billion is planned to be invested in Motiva by 2023 as part of Saudi Arabia’s 2030 vision, which aims to diversify the country’s economy away from oil production.
Saudi Aramco was also said to have shown interest in acquiring more than one refinery in the US Gulf Coast and visited chemical plants in the US, which are for sale.
Motiva was originally a JV between Saudi Aramco and Shell. It later became an Aramco subsidiary on May 1 after the partnership was broken up. After the breakup, Aramco retained the name, Motiva, as well as the refinery at Port Arthur.
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