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2016-03-19 18:50:00

SAUDI & SHELL SHARES

SAUDI & SHELL SHARES

Saudi Aramco, through its wholly owned Saudi Refining Inc. (SRI), and Royal Dutch Shell, through its US downstream affiliate, agreed on Thursday to divide the assets of its 50:50 joint venture Motiva Enterprises.

In the proposed division, SRI will retain the Motiva name, assume sole ownership of the Port Arthur, Texas refinery and retain 26 distribution terminals.

Aramco's affiliate will also have an exclusive license to use the Shell brand for gasoline and diesel sales in parts of Texas, the majority of the Mississippi Valley, the Southeast and Mid-Atlantic markets, the companies said in a statement.

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Tags: SAUDI, SHELL, MOTIVA
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