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Oil giant Saudi Aramco said its commodities trading arm, Aramco Trading Company (ATC), has fully acquired US refiner Motiva Trading and launched Aramco Trading Americas LLC (ATA) as a wholly-owned subsidiary 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," Aramco said in a statement on Wednesday.
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.
(Writing by Brinda Darasha; editing by Seban Scaria)
