Reuters | Business News | Thu May 25, 2017 | 7:23pm EDT:
Saudi Aramco plans to spend $18 billion in the next five years to expand its operations in the Americas, focusing on its U.S. oil refining subsidiary Motiva Enterprises, Motiva said on Thursday.
Motiva (MOTIV.UL) called the $18 billion estimate “a general framework of opportunities” to increase refining capacity, branch into chemicals, and expand its commercial operations, marketing and branded presence in the next five years.
The company also said the expansion may not be solely focused on its current operations but may involve new sites. It declined to discuss possible expansion locations.
Motiva became a wholly owned subsidiary of Saudi Aramco on May 1 with the split of a 19-year partnership between Aramco and Royal Dutch Shell Plc (RDSa.L).
Aramco-owned Motiva emerged from the breakup with full ownership of a Port Arthur, Texas, refinery, which is the nation’s largest. It also retained the Motiva name, distribution operations across seven U.S. states and rights to use the Shell and 76 brand names on products.
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