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FinancialNews
19-01-23
Saudi Aramco purchases US company Motiva Trading to expand its contributions in North, South America
(MENAFN) Saudi Aramco’s worldwide exchange arm has bought US company Motiva Trading as it looks to grow its footprint in North and South America.
In addition to obtaining 100 percent of the company, Aramco Trading Co. has started a Texas-located subsidiary as well– Aramco Trading Americas.
The additional entity is going to be the sole provider and ‘offtaker' of Motiva Enterprises, the possessor of North America’s biggest oil refinery with a crude volume of 630,000 barrels per day of consumer and commercial grade fuels and base oils.
“The acquisition of Motiva Trading and the establishment of Aramco Trading Americas 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,” as stated by leader and chief executive of ATC Mohammed K. Al-Mulhim.
Additionally, by permitting clients access to a robust hydrocarbon system, this is estimated to bring around power in the worldwide worth chain in the future, as said in the statement.
MENAFN19012023000045014228ID1105449453
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