London – United States’ CNN Money said on Monday that Saudi oil Giant Aramco took 100 percent control of the sprawling Port Arthur refinery in Texas on Monday, completing a deal that was first announced last year.
America’s largest oil refinery is now fully owned by Saudi Arabia.
Aramco previously owned 50 percent of Port Arthur through a joint venture co-owned with Royal Dutch Shell (RDSA) called Motiva Enterprises.
In addition to Port Arthur, Aramco is acquiring full ownership of 24 distribution terminals. Aramco also gets the exclusive right to sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, the eastern half of Texas and the majority of Florida.
The Saudi takeovers and the expansion of foreign investment are part and parcel of Riyadh’s ambitious plan to diversify the Kingdom’s sources of income through the national transformational Kingdom Vision 2030, launched by Crown Prince Mohammed bin Salman in 2016.