Largest U.S. refinery now belongs to Saudi Arabia
Royal Dutch Shell and Saudi Aramco appear to be getting a divorce,
breaking up their joint venture in U.S.-based refining assets.
two companies joined together to create Motiva Enterprises LLC in 1998,
a 50-50 joint venture that operated three refineries on the U.S. Gulf
Coast. But Shell and Saudi Aramco have seen their interests head in
different directions. "It is now time for the partners to pursue their
independent downstream goals," said Abdulrahman Al-Wuhaib, a senior vice president of Saudi Aramco’s downstream unit.The Wall Street Journal speculates that it could also pave the way for some sort of listing of Aramco’s assets in a public offering