Saudi Arabian oil company, Aramco, announces the 100 percent acquisition of US-based refiner, Motiva Trading by the Aramco Trading Company (ATC), one of the world’s leading commodity trading companies, and the launch of Aramco Trading Americas (ATA), a wholly-owned subsidiary of ATC based in Houston, Texas.
ATA will be ATC’s regional office, expanding its trading business in North and South America to capture new opportunities and increase its existing customer base.
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. Motiva strives to be the safest and most profitable Americas downstream business of Aramco.
Mr. Mohammed K. Al-Mulhim, President & CEO of ATC said that “The acquisition of Motiva Trading and the establishment of Aramco Trading Americas is 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.
Aramco being one of the world’s leading integrated energy and chemicals companies, seeks to expand its commercial operations, marketing and brand presence globally. Recently Aramco, SABIC and Sinopec partnered to explore refining and petrochemical projects in China and Saudi Arabia.
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