Motiva to buy Flint Hills Resources

27 Aug '19

2 min read

Pic: Motiva

Motiva Enterprises LLC, the US refining arm of Saudi Aramco, has signed an agreement with an affiliate of Flint Hills Resources for Motiva to acquire a 100 per cent ownership interest in Flint Hills Resources Port Arthur, LLC. The potential acquisition is targeted to close in the fourth quarter of 2019, subject to satisfaction of closing conditions.

The parties will not be disclosing the terms of the transaction, Motiva said on its website.

"Motiva is an investment-grade, independent, and entrepreneurial enterprise. As a wholly owned affiliate of Saudi Aramco, we have an owner company that supports our growth and expansion plans and enables us to respond quickly to the market and capitalise on opportunities," says the Motiva website.

"As we study the feasibility of the various growth opportunities available, investments will be driven largely by our ability to compete with opportunities available to Saudi Aramco elsewhere in the US and the world. Each potential opportunity is evaluated in four key areas: strong economics, fair regulations, competitive incentives, and community support.

"Our current focus on petrochemicals is being worked as three separate projects: aromatics, olefins and ethylene derivatives. The locations under review for these projects include sites along the Gulf Coast in Texas and Louisiana," the website added.

Based in Wichita, Kansas, Flint Hills Resources is an independent company and wholly owned subsidiary of Koch Industries, Inc., one of the largest private companies in America. The Flint Hills plant operates a 1.57-billion-pound-per-year ethylene cracker, among other units. (RKS)

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