Saudi Aramco's delayed initial public offering is sidelining grand North Am...
HOUSTON - Saudi Aramco’s delayed initial public offering is sidelining grand North American expansion plans at its U.S. refining subsidiary Motiva Enterprises LLC, people familiar with the matter said, at a time when its rivals grew their market share.
Saudi Aramco did not want Motiva to enter deals that could hamstring its IPO or raise questions about its strategy, leaving Motiva unable to expand, the people said. “They are in the process of trying to look toward 2030, and adding assets outside of Saudi Arabia” is not as critical anymore, he said. “A refinery in the United States doesn’t create jobs in Saudi Arabia.”
Motiva emerged from a Texaco-Saudi venture formed in 1988 as a U.S. outlet for Saudi crude. Last year, Saudi exports to the U.S. fell to 949,000 barrels per day , only the second time that figure has been less than 1 million bpd since that year, according to U.S. Energy Department data, as the United States gets more barrels from Canada than OPEC producers.
In February, Motiva ended talks with Curacao over a request to operate its 335,000 barrel-per-day Isla refinery and storage terminal. Those discussions ended after the Isla refinery’s supervisory board in January disclosed a corruption probe into selection process for a new operator.
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