Saudi Refining (SRI), an affiliate of the Saudi Arabian Oil Company (Saudi Aramco), and Shell Oil Products US have reported that their Motiva Enterprises (Motiva) joint venture has signed a letter of interest to sell its Delaware City Refinery to Premcor.
The transaction is expected to close in the second quarter of 2004 after all regulatory approvals and financing are obtained.
SRI is a subsidiary of Aramco Services Company, headquartered in Houston. In addition to managing its join venture investments, SRI supplies approximately 550,000 barrels of crude a day to Motiva, which has a refining capacity of approximately 900,000 barrels per day.
The Delaware City Refinery, which began production in 1957 as part of the Tidewater Oil Company's refining system, is located 15 miles south of Wilmington and has the capacity to refine in excess of 180,000 barrels of crude oil per day. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
