HOUSTON — Royal Dutch Shell plc and the Saudi Arabian Oil Company said Wednesday they plan to end their refining joint venture.
The two companies have signed a letter of intent for a divorce that will split the assets of Motiva, which both have operated in 50-50 refining and marketing joint venture since 2002.
Saudi Aramco, the national oil company of Saudi Arabia, said it will retain the Motiva name, the refinery at Port Arthur and 26 distribution terminals. Saudi Aramco will also retain an exclusive license to use Shell’s brand for gasoline and diesel sales in Texas, most of the Mississippi Valley, the Southeast and the Mid-Atlantic.
Shell, an international supermajor, will retain the refineries at Norco and Convent, Louisiana, nine distribution terminals and the Shell brand in Florida, Louisiana and the Northeastern region.