Saudi Arabian Oil Company (Saudi Aramco) has fully acquired Motiva Trading through its affiliate Aramco Trading Company (ATC), according to a press release.
The Tadawul-listed firm launched Aramco Trading Americas (ATA), a wholly-owned subsidiary of ATC in the US, in order to boost its trading business across North and South America. This is in addition to exploring new opportunities and enlarging Saudi Aramco’s customer base.
Under 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. The refinery generates consumer and commercial-grade fuels and base oils.
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.
Mohammed Al Mulhim, President and CEO of ATC, said: “The acquisition of Motiva Trading and the establishment of ATA are a giant step towards executing our ambitious global growth strategy, which aims to expand our geographical reach and scale of operations, while further strengthening our product flexibility and optionality.”
In the first nine months (9M) of 2022, Saudi Aramco registered a net profit after Zakat and tax worth SAR 488.78 billion, higher by 67.97% than SAR 291 billion in 9M-21.
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