Saudi news

Aramco acquires the trading arm of the US-based Motiva Enterprises

The Saudi Arabian Oil Company (Saudi Aramco) has acquired the trading arm of US refining company Motiva Enterprises.

And Aramco established a new entity, “Aramco American Trading Company Limited”, which is headquartered in Houston.

Aramco stated that the new company will be the sole supplier and buyer of Motiva, which owns the largest refinery in the United States, with a production capacity of 630,000 barrels per day.

In August 2022, “Saudi Aramco” announced the signing of a purchase agreement to acquire Valvoline Global Products, a subsidiary of the American company Valvoline listed on the New York Stock Exchange, referred to as “Valvoline Global Products” “VGP” or “VGB”, at a value of 2.65 billion. dollars, subject to some of the usual adjustments set forth in the purchase agreement.

Valvoline is a global company with a long history in the production and distribution of well-known brand lubricants for automobiles and industrial uses, as well as automotive chemicals.

Saudi Aramco said in a statement that it will benefit from Valvoline’s strong manufacturing and distribution network, its strong partnerships with users and suppliers, and its 150-year global brand reputation.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button