4th Jul 2016 15:37
LONDON (Alliance News) - Royal Dutch Shell PLC has asked Saudi Arabian state-owned oil group Saudi Aramco for up to USD2.0 billion as part of the break-up of their Motiva Enterprises refining joint venture in the US, Reuters reported.
The payment would be compensation for Aramco retaining a larger share of the joint venture, Reuters said, citing two sources close to the talks. Under an agreement reached in March, Aramco will take control of Motiva's largest US refinery in Port Arthur in Texas and will retain 26 distribution terminals.
Shell, meanwhile, will become sole owner of Motiva's refineries in Louisiana and Shell-branded gas stations in Florida, Louisiana and the northeastern US.
http://www.reuters.com/article/us-shell-saudi-motiva-idUSKCN0ZK1FS
By Sam Unsted; [email protected]; @SamUAtAlliance
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