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FINANCIAL NEWS
US Motiva refinery expansion to cost USD10b: Saudi Aramco
01 Jun 2012
(MENAFN) Saudi Aramco’s chief executive, Khalid Al-Falih, stated that expanding the Motiva Enterprises Port Arthur, Texas refinery would cost around USD10 billion, reported Arabian Business.
Al-Falih added that previous estimates put the cost at USD5 billion, however, in the fourth and fifth years of the project, costs grew to USD7 billion.
He said that the expansion of the refinery would boost capacity to 600,000 barrels per day (bpd), making the Motiva Port Arthur refinery the largest in the US.
It is worth noting that the Motiva Port Arthur refinery is a 50-50 joint venture between Saudi Aramco and Royal Dutch Shell, and is also Aramco’s largest investment outside Saudi Arabia.
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