Saudi Aramco to invest in Americas

Saudi Aramco plans to spend USD 18 billion over the next five years to expand operations in the Americas, according to a statement today by Motiva Enterprises, the US oil refining subsidiary that will be the focus of the expansion.

The spending aims to increase the NOC’s refining capacity, include production of chemicals and develop commercial operations, marketing and brand awareness.

Motiva mentioned that the plan may not focus solely on expanding current operations, which include the US’ largest refinery in Port Arthur, Texas, but did not specify any possible locations.

Saudi Aramco has visited chemical plants and looked into acquiring an additional Gulf Coast refinery in the past, as well as considered further expansion of its Port Arthur refinery.

It is unclear whether the spending plan will be in addition to the planned investments unveiled earlier in the week. During the Saudi-US CEO Forum on Saturday, Saudi Aramco announced plans for an initial investment of USD 12 billion in Motiva, likely to be followed by an additional USD 18 billion by 2023.