Shell, Aramco to divide Motiva assets
Shell said it expects the transaction to be completed in the second quarter of 2017.
As part of the plan for the division of assets, Saudi Aramco will maintain Motiva’s name and the nation’s largest refinery in Port Arthur, Texas, with a capacity of 603,000 barrels/day. It will also take over 26 distribution terminals and the right to use the Shell brand while selling gasoline and diesel in Texas, the Mississippi Valley as well as the Southeast and Mid-Atlantic markets.
Shell, meanwhile, will own two refineries in Louisiana, with a combined capacity of 472,700 barrel/day as well as the Shell-branded gasoline stations in Florida, Louisiana and Northeastern part of the US.
The plan to divide the 20-year-old joint venture, the targeted date of which was October 2016, was first announced in March 2016 by the two companies. However, the process was delayed due to Shell’s demand for $2 billion for the break-up.
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