17th Mar 2016 06:47
LONDON (Alliance News) - Royal Dutch Shell PLC late on Wednesday said it has signed a memorandum of understanding with Saudi Refining Inc, a unit of Saudi state oil company Saudi Aramco, to divide the assets of their Motive Enterprises LLC joint venture.
Under the plans, Saudi Refining will retain the Motiva name and take sole ownership of the Port Arthur refinery in Texas. It will also retain 26 distribution terminals and have the exclusive licence to use the Shell brand for gasoline and diesel sales in Texas, most of the Mississippi Valley, the Southeast and Mid-Atlantic markets in the US.
Shell, meanwhile, will take sole ownership of the Norco and Convent refineries in Louisiana, nine distribution channels and Shell branding in Florida, Louisiana and the Northeastern region of the US.
By Sam Unsted; [email protected]; @SamUAtAlliance
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