- Aramco Trading Americas will be the sole supplier and ‘offtaker’ of Motiva Enterprises
- Move strengthens Aramco Trading Company’s global operations and extensive portfolio, with incremental access to the largest oil refinery in North America
Aramco has announces the 100% acquisition of Motiva Trading by the Aramco Trading Company (ATC), one of the world’s leading commodity trading companies, and the launch of Aramco Trading Americas LLC (ATA), a wholly-owned subsidiary of ATC based in Houston, Texas.
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.
Under the purchase agreement, ATA will be the sole supplier and ‘offtaker’ of Motiva Enterprises, which 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.
Mohammed K. Al-Mulhim, President & CEO of ATC, said: “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.”
With the launch of ATA, ATC brings its business closer to customers and provides them significant access to the world’s robust hydrocarbon system, which will significantly strengthen its value chain globally.
Aramco officially the Saudi Arabian Oil Company (formerly Arabian-American Oil Company) or simply Aramco, is a Saudi Arabian public petroleum and natural gas company based in Dhahran. As of 2020, it is one of the largest companies in the world by revenue. Saudi Aramco has both the world’s second-largest proven crude oil reserves, at more than 270 billion barrels (43 billion cubic metres), and largest daily oil production of all oil-producing companies. It is the single greatest contributor to global carbon emissions of any company in the world since 1965. On 11 May 2022, Saudi Aramco became the largest (most valuable) company in the world by market cap, surpassing Apple Inc.
Source: Saudi Aramco