Posted on 03/17/2016 12:58:57 PM PDT by bananaman22
Royal Dutch Shell and Saudi Aramco appear to be getting a divorce, breaking up their joint venture in U.S.-based refining assets.
The two companies joined together to create Motiva Enterprises LLC in 1998, a 50-50 joint venture that operated three refineries on the U.S. Gulf Coast. But Shell and Saudi Aramco have seen their interests head in different directions. "It is now time for the partners to pursue their independent downstream goals," said Abdulrahman Al-Wuhaib, a senior vice president of Saudi Aramcos downstream unit.
Reuters reported that the relationship started to fray after Motiva announced a $10 billion expansion of the Port Arthur refinery, doubling its capacity to 603,000 barrels per day, making it Americas largest refinery. It produced gasoline, diesel and jet fuel. A leak shortly after the expansion was completed in 2012 led to ballooning costs, exacerbating tension between Shell and Aramco. A 2015 workers strike also sparked anger between the two companies.
(Excerpt) Read more at oilprice.com ...
Actually I’ve felt just the opposite.
A smart guy told me 30 yrs ago we should suck them dry, then use ours.
I really do not know to be honest the only thing I know is that getting involved with the arab world has been nothing but trouble.
Sabotage their own asset? Fiendishly clever!
That’s like buying an underwear factory, and then shutting it down in order to drive up the price of cotton.
“Dang! There goes my low gas prices”
yyyyuuuuup!
KYPD
[ Sabotage their own asset? Fiendishly clever!
Thats like buying an underwear factory, and then shutting it down in order to drive up the price of cotton. ]
They would do it if we entered all out war against them.
Of course they woudn’t do that, they would be happier using it as a tool to screw over OUR own domestic oil production.
...this has national security implications.
[ Normally I am anti-regulation, BUT.....
...this has national security implications. ]
Precisely!
[ I really do not know to be honest the only thing I know is that getting involved with the arab world has been nothing but trouble. ]
Whole damned area should be Koran-teened...
that is not an accurate history of Motiva.
Motiva was NOT formed by Shell and the Saudis but by Shell and Star Enterprise, which was owned by Texaco and the Saudis. It was not until after Texaco merged with Chevron did it become a Shell and Saudi venture.
and the Port Arthur refinery was built as a Texaco refinery originally and operated by Texaco most of its life.
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