• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 2 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 2 days China's CNPC Considers Taking Over South Pars Gas Field
  • 2 days BP To Invest $200 Million In Solar
  • 2 days Tesla Opens New Showroom In NYC
  • 2 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 3 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 3 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 3 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 3 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 4 days Aramco On The Hunt For IPO Global Coordinators
  • 4 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 4 days India Feels the Pinch As Oil Prices Rise
  • 4 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 5 days API Reports Huge Crude Draw
  • 5 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 5 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 5 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 5 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 5 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 6 days Forties Pipeline Could Remain Shuttered For Weeks
  • 6 days Desjardins Ends Energy Loan Moratorium
  • 6 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 6 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 6 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

The Coal Miners That Refuse To Resurface

The Coal Miners That Refuse To Resurface

Hundreds of Kazak coal miners…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

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