Saudi Aramco will seek to buy more refineries and chemical plants in the U.S. after it completes a deal to become the sole owner of the Motiva refinery in Port Arthur, Texas, Reuters reports. Saudi Aramco and Shell last week announced their plans to end an 18-year-old joint venture under which they co-owned the Port Arthur refinery and two refineries in Convent and Norco, Louisiana. Shell will become the sole owner of the Louisiana refineries.
Saudi Aramco has not identified any potential acquisition targets. Last year Total put half of its Port Arthur refinery up for sale and LyondellBasell CEO Bob Patel recently said his firm’s Houston refinery could be on the block in the coming years.
The Motiva Port Arthur refinery is the largest in the U.S. ExxonMobil recently put on hold an expansion plan that would have made its Beaumont, Texas, refinery the nation’s largest.
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