[RT] Saudi Aramco has become a 100-percent owner of Port Arthur, an oil refinery in Texas. Port Arthur has a capacity of 600,000 barrels per day, making it the biggest in North America.The kingdom’s national oil company previously owned 50 percent in the refinery before acquiring the full stake from Royal Dutch Shell on Monday. Complicated relations between the companies forced them to separate their assets. On Monday, Shell announced the divorce was complete.
Saudis also acquired 24 distribution terminals, Aramco said in a statement. The Saudi firm also got the exclusive right to sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, Washington DC, the eastern half of Texas, and the majority of Florida.
| In about five years, last I heard, the Saudis will have spent down their liquid assets; at that point liquidating their foreign holdings will look very attractive. |