Shell and Saudi Aramco have signed a letter of intent to divide the assets of the 50-50 Motiva joint venture the two firms formed in 1998. Under the agreement, Shell will assume sole ownership of the Motiva refineries in Norco and Convent, Louisiana, along with nine distribution terminals and Shell branding in the Florida, Louisiana and Northeast markets.
Saudi Aramco will retain the Motiva name and own the Port Arthur, Texas, refinery and 26 distribution terminals. The Saudi firm will also have an exclusive license to use the Shell brand to sell gasoline and diesel in Texas, the Mississippi Valley and the Southeast and Mid-Atlantic markets.
MORE DOWNSTREAM NEWS: Shell Geismar planning turnaround at MEG unit
