Motiva Enterprises, the US refining arm of Saudi Aramco, acquired 100% of Flint Hills Resources chemical plant, adjacent to its Port Arthur, Texas, oil refinery.
The Flint Hills plant operates a 1.57 billion-pound-per-year ethylene cracker, a unit producing nylon component cyclohexane, and a network of pipelines and storage caverns.
Saudi Aramco, in its IPO prospectus, said the cash payment will be determined as per the project value at SAR 7.13 billion ($1.9 billion). An independent advisor started assessing Flint Hills’ assets and liabilities to determine the purchase price.
In August, Motiva Enterprises signed an agreement to buy Flint Hills Resources chemical plant. The deal would extend Saudi Aramco's push to grow its petrochemical operations in Texas and elsewhere.
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