Posted on 05/14/2017 6:51:31 PM PDT by Lorianne
Port Arthur, TX is home to the U.S. refining fleet’s crown jewel. With an atmospheric distillation capacity of 603 MBbl/cd, this complex coking refinery is the largest refinery in the U.S. As of May 1st, this marvel of a complex refinery is now 100 percent owned by Saudi Aramco.
Saudi Aramco upped its 50 percent ownership in the Port Arthur refinery, which it previously held through the Motiva Enterprises JV with partner Royal Dutch Shell following the decision to disband the JV in early 2016. Along with the giant refinery, Saudi Aramco also acquired ownership of a number of distribution terminals and rights to sell Shell branded gasoline in a number of East Coast states and the eastern half of Texas. This move is an important one, even for a state-owned behemoth like Saudi Aramco.
Saudi Aramco now owns approximately 300 MBbl/d more of the U.S. domestic refining capacity. This means that Saudi Arabia now has the ability to send more of its own crude into the U.S. refining fleet, making the volume of “sticky” imports (those crude oil imports that are difficult to replace due to contractual obligations or foreign ownership stakes in refineries) higher than it was previously. Saudi Arabia is already the second largest source of U.S. crude imports behind Canada. According to the EIA, the U.S. imported 1.34 MMBbl/d from Saudi Arabia in February.
(Excerpt) Read more at oilprice.com ...
How nice.
Nationalize it. The Saudis will appreciate the irony.
“Saudis own...now what?”
I say SO WHAT?. They decided to invest in one the lowest margin, unstable, highest capital investment, and great political risk projects you could possibly find. Good luck to them. The article tries to infer some sort of threat imposed by the Saudis bring their own oil in for refining. Again SO WHAT? So long as oil traded freely and the US producers can export their oil it doesn’t matter one bit.
Nationalize it. Then tell the Saudis it will go towards the cost of Gulf War I.
Again, Lenin said the capitalist nations would sell the very nooses our enemies will use to hang us from
They’ll need it. Back in late 2015, the top shale players were already profitable at $40/bbl. By now, profitability at this environment is the new norm. Those companies also don’t have huge welfare state obligations to pay in order to prevent their society from collapsing because of societal tensions.
It would be nice to get thackney’s view, but Freepers chased him off over some non-sense. There’s probably more to the story on this refinery than the headline.
Yup. Anyone with a brain, really, really wants to know how this happened. How does SA own USAs largest refinery? How and when did SA buy out the other owner.
Such a huge secret. Since there was no mention of it in any of my news sources, obvious this is way to scary to let we USAians know _anything_ about it; at least until it’s long time back...
What a monstrous covert beast, USA and its _allies_ have become. USA going, going... 90% gone. Just a mirage on the fading horizon.
I believe we have a limit on the number of refineries that are allowed in the US. It’s time we scrapped that law, stabilized and lowered the price of gas. Then, we could further reduce our dependence on foreign oil and reduce foreign interference.
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