“However, it is now time for the partners to pursue their independent downstream goals.”
Under the terms of a non-binding letter of intent, the Saudi state oil giant will take over the Port Arthur, Texas, refinery, the biggest in the United States, retain 26 distribution terminals as well as the Motiva name, according to a statement.
It will also have an exclusive license to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi Valley, the Southeast and Mid-Atlantic markets, it said.