Saudi Aramco takes full ownership of largest U.S. oil refinery, hopes for $2T IPO

The largest oil refinery in America — and the 600,000 barrels processed per day in Texas — is now officially owned by Saudi Aramco.

Royal Dutch Shell (RDSA) released a statement Monday on the “completion” of a deal between the two oil giants, which has been in progress for the last year. The company, known as Motiva Enterprises LLC, relinquished its 50 percent ownership of the Port Arthur refinery.

“Saudi Aramco (through its wholly owned Saudi Refining, Inc. subsidiary) assumes full ownership of the Motiva Enterprises LLC name and legal entity, including the refinery at Port Arthur, Texas and 24 distribution terminals,” the company’s statement said. “Additionally, Motiva has the right to exclusively sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland and Washington, D.C., as well as the eastern half of Texas and the majority of Florida.”

The Gulf Coast refinery deal comes less than two months after President Trump met with Deputy Crown Prince Mohammed bin Salman at the White House.

“This meeting is considered a historical turning point in relations between both countries and which had passed through a period of divergence of views on many issues,” a senior adviser to Prince Mohammed said in a statement released March 14. “The meeting today restored issues to their right path and form a big change in relations between both countries in political, military, security and economic issues.”

Saudi Arabia “is hoping the Aramco IPO [in 2018] will be valued at a stunning $2 trillion,” CNN reported Monday. “The kingdom continues to grapple with low oil prices and a bloated budget, making it critical that the Aramco IPO goes off without a hitch.”