The Saudi national oil company Aramco took full ownership Monday of the largest U.S. oil refinery in the country at Port Arthur, Texas.
Aramco and Shell founded the 50-50 joint venture called Motiva over two decades ago to build and operate the giant refinery, and had been in intense talks about dissolving the venture since last year.
The deal was completed Monday with Aramco taking full ownership of the refinery, considered the crown jewel of the Gulf Coast, through its wholly-owned subsidiary Saudi Refining.
The deal came two weeks after Trump administration officials met with a Saudi business delegation in Washington hosted by Secretary of State Rex Tillerson.
The delegation was led by the Saudi foreign ministry to discuss U.S. investment opportunities in the Gulf kingdom as part of a plan to restructure the Saudi economy by 2030, including privatizing Aramco in 2018.
Aramco said in a statement that the Saudi oil giant, the largest oil company in the world, owns the entire Motiva complex and its 24 fuel terminals.
It also owns the rights to exclusively sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland, Washington, D.C., the eastern half of Texas and most of Florida, it said in a statement.