Saudi Aramco, the kingdom's state-owned oil behemoth, took 100% control of the sprawling Port Arthur refinery in Texas on Monday, completing a deal that was first announced last year.
Port Arthur is considered the crown jewel of the US refinery system. The Gulf Coast facility can process 600,000 barrels of oil per day, making it the largest refinery in North America.
Aramco previously owned 50% of Port Arthur through a joint venture co-owned with Royal Dutch Shell (RDSA)called Motiva Enterprises.
But the two oil giants had a rocky relationship and reached a deal in March 2016 to separate their assets. Shell put out a statement on Monday confirming the "completion" of that break-up.
In addition to Port Arthur, Aramco is acquiring full ownership of 24 distribution terminals. Aramco also gets the exclusive right to sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, the eastern half of Texas and the majority of Florida.
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7 comments:
Many landmark buildings in NYC are owned by foreign investors too. All those trillions of debt the US owes gives tremendous buying power to those holding the notes.
Who Authorised this ? they need to be hung for TREASON.
I'm all for free race and foreign ownership. If we limit it, so will other countries (see Chavez/Venezuela). Quid pro quo.
It shouldn't matter who owns it, but how they control the flow. That would be an issue.
Think about this the next time you fill up with Shell or Exxon gas. I always try to buy Sunoco. It is completely American. It comes from American soil. Refined by American workers in American refineries. All profits and taxes are paid in American dollars. I do what ever I can to make sure Jihad Johnny doesn't get any of my money.
Thank Obama and the democrats because of their one world government policies businesses either get bought by foreigners or close.
The Saudis control the refining of the crude oil in the world now. Just think they are still getting foreign aide from America. Where is Pres Trump on this? This is not putting America first.
Why are we letting our enemies control our refining capacity?
They have never been our friends and most of the terrorist out there are from this country. Why are they not on the exclusion list like Iran and Syria?
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