MOSCOW (MRC) -- Saudi Arabian Oil Co. (Saudi Aramco) announced, Jan. 18, the 100% acquisition of Motiva Trading by Aramco Trading Co. (ATC), and the launch of Aramco Trading Americas LLC (ATA), a wholly-owned subsidiary of ATC based in Houston, Texas, said Argaam.
ATA will be ATC’s regional office, expanding its trading business in North and South America to capture new opportunities and increase its existing customer base, Saudi Aramco said in an emailed statement to Argaam.
Under the purchase agreement, ATA will be the sole supplier and “offtaker” of Motiva Enterprises. The latter owns North America’s largest refinery with a crude refining capacity of 630,000 barrels a day, producing consumer and commercial-grade fuels and base oils.
With the launch of ATA, ATC brings its business closer to customers and provides them with significant access to the world’s robust hydrocarbon system. This will, in turn, substantially strengthen its value chain globally.
In May 2022, Bloomberg cited unnamed sources as saying that Saudi Aramco was studying to offer ATC’s shares to the public, Argaam reported.
According to Reuters, Saudi Aramco was said in June 2022 to be planning for a merger between Motiva Trading and ATC’s energy trading units, ahead of a potential initial public offering (IPO) of the business.
We remind, Saudi Aramco and China Petroleum and Chemical Corporation (Sinopec) have signed a deal to build a refinery and a petrochemicals plant in China. The 3,20,000 barrels-per-day refinery and 1.5 million tons-per-year petrochemical cracker complex will be in operation by the end of 2025