Saudi Aramco plans to spend $18b in the next five years to expand its operations in the Americas, focusing on its US oil-refining subsidiary Motiva Enterprises, The Edge Markets informed, citing Motiva’s statement.
According to Hellenic Shipping News, the company called the $18b estimate “a general framework of opportunities” to increase refining capacity, branch into chemicals, and expand its commercial operations, marketing and branded presence.
Motiva further stated that the expansion may not be solely focused on its current operations, but may also involve new sites. It declined to discuss possible expansion locations, but declared that “it has embarked on a growth journey to become the safest and most profitable downstream business in the U.S.”
The firm became a wholly owned subsidiary of Saudi Aramco early May with the split of a 19 year partnership between Aramco and Royal Dutch Shell Plc.
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 US states and rights to use the Shell and 76 brand names on products.