Saudi Aramco: looking for opportunities to expand in US over 10 yr
RIYADH (Reuters) — National oil firm Saudi Aramco is looking for opportunities to expand in the United States over the next 10 yr, and wants to develop the business of its Motiva refinery in that country, chief executive Amin Nasser said on Saturday.
"Motiva is something we are considering seriously to look at expanding its footprint in the United States," he told Reuters on the sidelines of a conference of US and Saudi business executives, coinciding with the visit of President Donald Trump to Riyadh.
Nasser added, "Through our investment there we are looking at the next 10 years for expansion in the US and identifying greater opportunities for growth...We are looking at both refining and petrochemicals."
Motiva was originally a joint venture between Aramco and Royal Dutch Shell but the partners plan to divide up the venture in the second quarter of 2017. As part of the deal, Aramco will make a $2.2 B balancing payment to Shell.
Reporting by Reem Shamseddine; Writing by Andrew Torchia
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