NEW YORK, March 16 (Reuters) - Shell and SaudiAramco on Wednesday announced plans to break upMotiva Enterprises LLC and divide up the assets, almost twodecades after the U.S. oil refining and marketing joint venturewas formed.
Under the terms of a non-binding letter of intent, SaudiAramco will retain the Motiva name, assume sole ownership of thePort Arthur, Texas refinery, the biggest in the United States,and retain 26 distribution terminals, according to a statement.
It will also have an exclusive license to use the Shellbrand for gasoline and diesel sales in Texas, the majority ofthe Mississippi Valley, the Southeast and Mid-Atlantic markets,it said.
Shell will assume sole ownership of the Norco, Louisianarefinery, where it also operates a chemicals plant, the Convent,Louisiana refinery, nine distribution terminals, as well asShell branded markets in Florida, Louisiana and the Northeasternregion. (Reporting by Josephine Mason; Editing by David Gregorio)
