• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 10 mins Shale Oil will it self destruct?
  • 2 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 21 hours Excellent Choice: Germany's Von der Leyen Secures Powerful EU Executive Top Job
  • 2 hours Today in Energy
  • 2 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 hour Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 24 mins Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 19 hours Migration From Eastern Europe Raises German Population To Record High
  • 13 hours Washington Post hit piece attacking oil, Christians and Trump
  • 1 day Germany exits coal: A model for Asia?
  • 1 day White House insider who predicted Iran False Flag, David Goldberg found dead in his New York apartment
  • 1 day A Silence is heard
  • 5 hours Why Natural Gas is Natural
IEA: Huge Oil Glut Coming In 2020

IEA: Huge Oil Glut Coming In 2020

While oil supplies are set…

China’s Refineries Hit New All-Time Operating Record

China’s Refineries Hit New All-Time Operating Record

Chinese crude oil throughput hit…

America’s Largest Oil Refinery Now 100% Saudi Owned

Refinery

Saudi Aramco now controls 100 percent of the Port Arthur, Texas, oil refinery – the largest such facility in the United States – according to an announcement on Monday.

The deal regarding the 600,000 barrels-per-day facility had first been announced in 2016. Previously, Aramco, which is wholly-owned by the Saudi Arabian government, owned 50 percent of the refinery in a joint venture with Royal Dutch Shell.

The two oil companies’ rocky relationship caused Shell’s departure. A statement on Monday from Aramco confirmed that the split up had reached “completion” according to CNN Money.

The deal also grants Aramco full ownership of 24 distribution terminals as well as the exclusive privilege of selling Shell gasoline and diesel fuel in Georgia, North Carolina, South Carolina, Virginia, Maryland, east Texas and most of Florida.

The new setup profits Riyadh, which is preparing for the initial public offering of Aramco in 2018. It’s been declared the largest IPO in history, with the state-run company expecting a valuation of $2 trillion.

Low oil prices have caused the KSA to be concerned about the success of the IPO. This led Riyadh to push through a deal with the Organization of Petroleum Exporting Countries (OPEC) that allows the supply glut to fade over the course of 2017, before the Aramco listing goes live.

Saudi Arabia is the United States’ second-biggest crude oil supplier, after Canada. The deal will give Saudi easier access to American consumers, who will feed their cars fuel pumped from Aramco facilities worldwide.

Related: ‘’OPEC Has Failed’’

President Donald Trump, who recently completed 100 days in office, has had a rough start with both of the United States’ largest energy allies. Senior level officials from Canada and Saudi Arabia have both warned Trump of political and economic repercussions if fuel imports from either country are throttled.

By Zainab Calcuttawala of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Bill Simpson on May 02 2017 said:
    Beats a fuel shortage. And they are less likely to cut off crude to a refinery they own, than if someone else owned it. Not that they are in a position to cut off anything, with the Iranians on the march all around them.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play