Saudi Arabian Oil Company (Saudi Aramco) has completed the acquisition of Motiva Trading through its affiliate Aramco Trading Company (ATC), according to a press release. The move comes as part of Saudi Aramco’s strategy to expand its trading business across North and South America by creating Aramco Trading Americas (ATA), a wholly-owned subsidiary of ATC in the US.
The newly-launched entity will enable ATC to foster its business and provide customers with access to the world’s solid hydrocarbon system, which will boost its value chain worldwide. Through the purchase agreement, ATA will be the sole supplier and offtaker of Motiva Enterprises, which owns North America’s biggest refinery with a daily crude refining capacity of 630,000 barrels, generating consumer and commercial-grade fuels and base oils.