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FINANCIAL NEWS
Aramco aims up to USD30bn investment in Motiva by 2023
24 May 2017
(MENAFN) Saudi Aramco aims an investment of more than USD30bn in its U.S. subsidiary Motiva LLC, as proclaimed the firm in an announcement at a business summit in KSA.
Accordingly, the firm said that USD12bn would be the basic investment in a project to increase refining capacity at Motiva’s Port Arthur, Texas, refinery.
Due to the completion of an expansion of the Port Arthur refinery in 2012, which more than doubled its capacity to refine crude oil to 603.000 bpd, Motiva has weighed for more expansion.
In addition, the firm proclaimed that in the short-term extra 2.500 jobs would be made in Port Arthur and an extra 12.000 jobs by the cited year.
MENAFN2405201700450000ID1095508186
MENAFN2405201700450000ID1095508186
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