Saudi Arabia's state owned oil company has become the sole owner of America's largest oil refinery, CNN Money reported.
Saudi Aramco took 100 per cent control of the sprawling Port Arthur refinery in Texas yesterday, completing a deal that was first announced last year.
In addition to taking control of what is regarded as the crown jewel of the US refinery system, the deal also grants Aramco full ownership of 24 distribution terminals as well as the exclusive privilege of selling Shell gasoline and diesel fuel in Georgia, North Carolina, South Carolina, Virginia, Maryland, east Texas and most of Florida.
Aramco previously owned 50 per cent of Port Arthur through a joint venture co-owned with Royal Dutch Shell (RDSA) called Motiva Enterprises
The new setup profits Riyadh, which is preparing for the initial public offering of Aramco in 2018. It's been declared the largest IPO in history, with the state-run company expecting a valuation of $2 trillion.
Saudi Arabia is the United States' second-biggest crude oil supplier, after Canada. The deal will give Saudi easier access to American consumers who will feed their cars fuel pumped from Aramco facilities worldwide.