Saudi oil giant Aramco has announced that its commodities trading unit - Aramco Trading Company (ATC) - has fully acquired US refiner Motiva Trading and set up a new entity, Aramco Trading Americas (ATA), a wholly-owned subsidiary of ATC based in Houston, US.
The move is aimed at strengthening the global operations of ATC, one of the world’s leading commodity trading companies, as well as its extensive portfolio, with incremental access to the largest oil refinery in North America.
According to Aramco, 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.
On the strategic move, ATC President and CEO Mohammed K. Al Mulhim 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 at expanding our geographical reach and scale of operations, while further strengthening our product flexibility and optionality."
With the launch of Americas unit, 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, he added.-TradeArabia News Service