Saudi Aramco Acquires Motiva, Announces Launch of Aramco Trading Americas
01.23.2023 By TankTerminals.com - NEWS

January 23, 2022 [Gulf Business] – The move strengthens Aramco Trading Company’s global operations and extensive portfolio, giving it incremental access to the largest oil refinery in North America.

 

Aramco has acquired Motiva Trading through its commodity trading company, Aramco Trading Company (ATC).

It also announced the launch of Aramco Trading Americas (ATA), a wholly-owned subsidiary of ATC based in Houston, Texas.

Aramco Trading Americas will be ATC’s regional office, expanding its trading business in North and South America to tap new opportunities and increase its existing customer base.

Strengthening its value chain globally

Under the purchase agreement, ATA will be the sole supplier and ‘offtaker’ of Motiva Enterprises, which owns North America’s largest refinery with a crude refining capacity of 630,000 barrels a day, producing consumer and commercial grade fuels and base oils.

Mohammed K Al-Mulhim, president and CEO of ATC, said: “The acquisition of Motiva Trading and the establishment of Aramco Trading Americas are a giant step towards executing our ambitious global growth strategy, which aims to expand our geographical reach and scale of operations, while further strengthening our product flexibility and optionality.”

With the launch of ATA, ATC brings its business closer to customers and provides them significant access to the world’s robust hydrocarbon system, which will significantly strengthen its value chain globally.

Other developments

In December 2022, Saudi Aramco and French oil and petroleum company TotalEnergies took a final investment decision on an $11bn petrochemical project in Saudi Arabia, betting that demand for materials to make plastics will continue to climb, reported Bloomberg. The world’s largest oil-exporting nation is seeking alternative outlets for its vast supply of crude as countries gradually shift to cleaner energy.

In the same month, Saudi Aramco Base Oil Co, a refining unit of the state-owned oil producer, slumped in its trading debut following an initial public offering that raised $1.32bn, bucking the trend for strong debuts in the Gulf region amid the gloomy outlook for the global economy.

Luberef, as the refiner is known, dropped as much as 6.6 per cent in Riyadh to SAR92.5 ($24.61), valuing the company at SAR15.9bn.

Saudi private equity firm Jadwa Investment sold 50 million shares — a 30 per cent stake — in the offering, for SAR99 per share, the top of the pricing range. Oil giant Saudi Aramco is holding onto its 70 per cent share.

Pro Trial: Access 11,340 Tank Terminal and Production Facilities

11,340 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

TotalEnergies Expands Global LNG Bunkering Footprint
10.11.2024 - NEWS
October 11, 2024 [TotalEnergies]- TotalEnergies has signed a charter contract with Spanish shipow... Read More
Petrobras Increases Refinery Production, Processing in Third-Quarter 2024
10.11.2024 - NEWS
October 11, 2024 [Oil & Gas Journal]- Petroleo Brasileiro SA’s (Petrobras) ongoing investme... Read More
ExxonMobil Secures Largest US CO2 Storage Site
10.11.2024 - NEWS
October 11, 2024 [Storage Tank]- Exxon Mobil has secured the largest offshore carbon dioxide (CO2... Read More
CB&I Awarded Contract by Saipem Clough JV for Ammonia, Other Process Tanks for Perdaman Chemicals and Fertilisers in Western Australia
10.11.2024 - NEWS
October 11, 2024 [Storage Terminals Magazine]- CB&I, a wholly owned unrestricted subsidiary o... Read More