Home / Knowledge / News / Textiles / Motiva to buy Flint Hills Resources

Motiva to buy Flint Hills Resources

27
Aug '19
Pic: Motiva
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)
 

Fibre2Fashion News Desk – India


Interviews View All

Pinkesh Jain, Everflow Petrofils Ltd

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Siddharth Biyani, Mangalam Industries Pvt Ltd

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Sonia Agarwal, Whitenife

Sonia Agarwal
Whitenife

‘The terms eco-friendly and organic are common but everyone perceives them ...

Marcello Galvanin,

Marcello Galvanin

Galvanin has more than 50 years of experience in the production of textile ...

Teresa Neal,

Teresa Neal

Teresa Neal, an art professional with 25 years of experience, in...

Deepak Mundra,

Deepak Mundra

Surat-based Madhusudan Group is a vertically integrated textile...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Mr Hartmann Huth, Trevira GmbH

Mr Hartmann Huth
Trevira GmbH

Trevira GmbH is an innovative European manufacturer of high-value branded...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Cigdem Akin, Cigdem Akin

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Hemant & Nandita, Hemant & Nandita

Hemant & Nandita
Hemant & Nandita

The designer duo of Hemant &amp; Nandita are known for being inspired by...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


September 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search