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Saudis take 100% control of America's largest oil refinery

Thebobo

Thebobo

Lifer
Now how is this even possible, Why would the US government allow this with the Saudi Regime because it's a huge human rights abuser, about to execute a man because he is an atheist. Production of Oil use to be a security issue I am surprised any foreign nations has had ownership of the refineries.

Full Story

"America's largest oil refinery is now fully owned by Saudi Arabia.
Saudi Aramco, the kingdom's state-owned oil behemoth, took 100% control of the sprawling Port Arthur refinery in Texas on Monday, completing a deal that was first announced last year.

Port Arthur is considered the crown jewel of the US refinery system. The Gulf Coast facility can process 600,000 barrels of oil per day, making it the largest refinery in North America.

Aramco previously owned 50% of Port Arthur through a joint venture co-owned with Royal Dutch Shell (RDSA) called Motiva Enterprises.

But the two oil giants had a rocky relationship and reached a deal in March 2016 to separate their assets. Shell put out a statement on Monday confirming the "completion" of that break-up.

In addition to Port Arthur, Aramco is acquiring full ownership of 24 distribution terminals. Aramco also gets the exclusive right to sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, the eastern half of Texas and the majority of Florida."
 
well, it was 100% foreign owned before this...

"Aramco previously owned 50% of Port Arthur through a joint venture co-owned with Royal Dutch Shell (RDSA) called Motiva Enterprises."
 
alien42 said:
well, it was 100% foreign owned before this...

"Aramco previously owned 50% of Port Arthur through a joint venture co-owned with Royal Dutch Shell (RDSA) called Motiva Enterprises."
Click to expand...

Yes I said that I am talking about being owned by specifically Saudi Arabia 50% before and now 100%.

Bigg difference with a dutch company and a country whose human right practices are medieval.
 
In case anyone has missed it, The Saudis have been pouring money into the US for a long time. Surprisingly having lots of $$$$$ allows people to do not rational things.

The sooner we move away from relying on M.E. oil and oil in general, the better we will be. Develop oil alternatives that the US can control and profit from, and watch the M.E. turn back into an irrelevant pile of sand.
 
HMM.. so its bad to have the saudis own stuff here and distribute their oil to us, but we don't want to drill / frack / build pipelines / build new refineries / etc...
 
herm0016 said:
HMM.. so its bad to have the saudis own stuff here and distribute their oil to us, but we don't want to drill / frack / build pipelines / build new refineries / etc...
Click to expand...

that is one of the worst attempts at making an analogy i have ever read. anyhow, read the post above yours, we need to continue to move forward and past the oil industry.
 
Media to Trump: Mr. President, why wouldn't you block such deal?

Trump: Because 100% ownership by Saudi will raise the price of gasoline & oil, it's a win/win for Saudi & America oil industry.
 
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