Aramco to spend US$18b on US ops over 5 years

New Straits Times - - Business World -

HOUS­TON: Saudi Aramco plans to spend US$18 bil­lion (RM76.8 bil­lion) over the next five years to ex­pand its op­er­a­tions in the Amer­i­cas, fo­cus­ing on its United States oil re­fin­ing unit Mo­tiva En­ter­prises.

Mo­tiva was ex­plor­ing op­por­tu­ni­ties to boost re­fin­ing ca­pac­ity, branch into chem­i­cals and ex­pand its com­mer­cial op­er­a­tions, mar­ket­ing and branded pres­ence over the next five years, said the com­pany on Thurs­day.

Mo­tiva be­came a wholly owned sub­sidiary of Saudi Aramco on May 1 with the split of a 19-year part­ner­ship be­tween Aramco and Royal Dutch Shell Plc.

Mo­tiva emerged from the breakup with full own­er­ship of a re­fin­ery in Port Arthur, Texas, which is the largest by vol­ume in the US. It re­tained the Mo­tiva name, dis­tri­bu­tion op­er­a­tions across seven states and rights to

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.