Saudi Arabia's national oil company wants to buy more U.S. refining and chemical plants to expand its footprint in the world's largest energy market once the break-up of its joint venture with Royal Dutch Shell is complete, sources said.
Ending an often rocky nearly 20-year relationship, Shell and Saudi Aramco announced on Wednesday plans to break up Motiva Enterprises after almost two decades, dividing its assets and leaving Aramco with one plant, the nation's largest crude oil refinery, in Port Arthur, Texas.
Officials from Saudi Refining, the downstream arm of Aramco, told employees following the announcement that the state-owned firm was intent on buying more assets once the Motiva break-up is finished, according to five people who attended the briefing and asked not to be identified due to the sensitivity of the issue.
The officials did not identify possible acquisition targets, the sources said. An Aramco representative was not immediately available to discuss the company's plans. A Shell spokeswoman directed questions to Aramco.