Saudi Aramco plans to spend US$18 billion over the next five years to expand its operations in the Americas, focusing on its US oil refining subsidiary Motiva Enterprises, Reuters reports, citing Motiva.
Motiva is exploring opportunities to increase refining capacity, branch into chemicals and expand its commercial operations, marketing and branded presence over the next five years, the company said in a statement.
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.
Aramco-owned Motiva emerged from the breakup with full ownership of a refinery in Port Arthur, Texas, which is the largest by volume in the United States. It also retained the Motiva name, distribution operations across seven US states and rights to use the Shell and 76 brand names on products.
“Motiva has made significant strides over the past three years to reposition our business through focused improvement efforts and organic growth opportunities,” said Motiva president and chief executive Dan Romasko.
Thursday’s announcement did not say if it was intended to supersede Saturday’s similar announcement of investments that were part of the Saudi-US CEO Forum.
At that time, the Saudi state-oil giant said it planned an initial investment of US$12 billion in Motiva with a likely US$18 billion to follow by 2023.
That forum coincided with a summit between US President Donald Trump and Saudi King Salman in Riyadh, Saudi Arabia. The press release remained on the Summit’s website as of Thursday.
A Motiva representative did not reply to questions about the differences in investment between the two releases.
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