Shell, Saudi Aramco complete separation of assets
Under the terms reached in the dissolution of Motiva, Saudi Aramco assumes full ownership of the Motiva Enterprises LLC name and legal entity, including the refinery at Port Arthur, Texas, and 24 distribution terminals
Royal Dutch Shell and Saudi Aramco have completed the transaction for the separation of assets, liabilities, and businesses of Motiva Enterprises LL.
This development follows the signing of the definitive agreements on the separation, which was announced by the two companies back in March, during which it was revealed that Saudi Aramco will be required to pay Shell $2.2bn.
According to Shell, under the terms reached in the dissolution of Motiva, its joint venture with Saudi’s oil giant, Saudi Aramco assumes full ownership of the Motiva Enterprises LLC name and legal entity, including the refinery at Port Arthur, Texas, and 24 distribution terminals.
Additionally, Motiva has the right to exclusively sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, and Washington, DC, as well as the eastern half of Texas and the majority of Florida.
Shell, meanwhile, assumes sole ownership of the Norco, La, refinery – where Shell operates a chemicals plant; the Convent, La, refinery; 11 distribution terminals; and Shell-branded markets in Alabama, Mississippi, Tennessee, Louisiana, a portion of the Florida panhandle, and the North-eastern region of the U.S. These assets are reportedly now fully integrated with Shell's downstream business in North America.