Aramco announces launch of Aramco Trading Americas
Aramco on Thursday announced the 100% acquisition of Motiva Trading by the Aramco Trading Company (ATC), one of the world’s leading commodity trading companies, and the launch of Aramco Trading Americas LLC (ATA), a wholly-owned subsidiary of ATC 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, the company said.
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.
Mohammed K. Al-Mulhim, President & CEO of ATC, 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 to expand our geographical reach and scale of operations, while further strengthening our product flexibility and optionality.”
With the launch of ATA, 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.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.