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Saudi Aramco acquires a 50% stake in Port Arthur Refinery
In May 2017, Motiva Enterprises, a wholly-owned subsidiary of Saudi Aramco, fully acquired Flint Hills Resources Port Arthur LLC. Flint Hills operates a cracking unit in Port Arthur, Texas with a capacity of 634,000 tons of ethylene, propylene and butane.
Deal Value | Method of Finance | Type | Status |
1,009.00 Million USD currencyResource Million_USD marketID 3 currencyId 3 | - | Acquisition | Completed |
The Acquiring Party
Motiva Enterprises, LLC - Motiva | |
Country | USA |
Status | Unlisted |
Argaam Sector | Oil & Gas |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
The Acquired Party
Flint Hills Co. - Flint Hills | |
Country | USA |
Status | Unlisted |
Argaam Sector | - |
*Market Cap (Million SAR) | - |
*Price/Share (SAR) | - |
- *Based on the latest data available
Important Dates
Announced Date | 01-05-2017 |
Expected date for Completion | - |
Related Parties
Company | Role |
---|---|
Saudi Arabian Oil Co. | Owner |
Main Details
Aramco previously owned a 50% stake in Port Arthur. The remaining 50% stake was owned by Royal Dutch Shell (RDSA) through their joint venture, Motiva Enterprises, which operates the Port Arthur refinery. Saudi Aramco reached a deal with Shell to buy its stake in Motiva for $2.2 billion.
On May 1, 2017, Saudi Aramco completed a transaction to separate and transfer the assets, liabilities and businesses of Motiva. Accordingly, Aramco consolidated Motiva’s results in its financial statements as of Aug. 5, 2017 instead of recognizing Motiva using the equity method.
The company also obtained a ten-year license to sell fuel under the Shell brand in more than 5,000 and in 76 retail service stations under other global brands. Motiva’s Port Arthur refinery, located in Port Arthur, Texas, is the largest single site crude oil refinery in North America, with a total refining capacity of 635,000 barrels per day, and 24 distribution terminals with storage capacity of 8.2 million barrels per day. Motiva was formed in 1998 when Shell merged its eastern and southeastern U.S. operations with Star Enterprise, a joint venture between Texaco and Saudi Refining. On May 1, 2017, Aramco completed a transaction to separate and transfer the assets, liabilities and businesses to its wholly owned subsidiary, Motiva. This transaction allowed the company to assume sole ownership of the largest crude oil refinery on the U.S. Gulf Coast.
Note
* Motiva is the only material subsidiary located outside the Kingdom. On December 31, 2018, Motiva’s total assets were valued at SAR 51.9 billion.
* Saudi Refining Inc, which is wholly- owned by Aramco, owns a 98% indirect stake in Motiva Enterprises LLC. Aramco Financial Services Company (AFSC), being indirectly owned by Aramco, owns the remaining 2%stake.
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