Saudis take control of large Texas refinery
The Saudi national oil company Aramco took full ownership Monday of the largest U.S. oil refinery in the country at Port Arthur, Texas.The Saudis probably want to keep the refining capacity for their heavy crude rather than see US refineries switch over to process the light crude coming out of the Texas shale fields. But the switch to refining light crude is a real key to US energy independence and hopefully, there will be competitors who will take up that business.
Aramco and Shell founded the 50-50 joint venture called Motiva over two decades ago to build and operate the giant refinery, and had been in intense talks about dissolving the venture since last year.
The deal was completed Monday with Aramco taking full ownership of the refinery, considered the crown jewel of the Gulf Coast, through its wholly-owned subsidiary Saudi Refining.