Motiva to acquire Port Arthur chemical plant

Motiva Enterprises and an affiliate of Flint Hills Resources announced that they have signed an agreement for Motiva, the U.S. refining arm of Saudi Aramco, to acquire a 100 percent ownership interest in Flint Hills Resources’ Port Arthur chemical plant.

The potential acquisition is targeted to close in the fourth quarter of 2019, subject to satisfaction of closing conditions.  The parties will not be disclosing the terms of the transaction.

Flint Hills purchased the chemical plant from Huntsman Corp. in 2007 for $770 million. The plant includes ethane cracker which has the capacity to process the natural gas liquid ethane into 620,000 metric tonnes a year of ethylene, the building block of most plastics. The plant includes another unit that can produce 340,000 tons a year of propylene, another common plastic.

For more information visit www.motiva.com

22nd August 2019