Saudi Arabia: Shell/Aramco end US refining JV

Saudi Aramco and Royal Dutch Shell are to wind up their 18-year-old Motiva Enterprises refining joint venture (JV) and divide its assets. The two sides have signed a non-binding letter of intent to break up the company, which was formed in 1998 and has been operating as a 50/50 refining and marketing joint venture since 2002. Aramco will retain the Motiva name and the 600,000 b/d Port Arthur, Texas refinery; Shell will hold on to two refineries in Louisiana with a combined capacity of 465,000 b/d. A network of distribution terminals and other assets will be divided between the two.