Crown jewel lost? Saudi take 100% control of America’s largest oil refinery | Business Standard News

Saudi Aramco, the Saudi Arabia’s state-owned oil behemoth, took 100 per cent control of the sprawling Port Arthur refinery in Texas on Monday, completing a deal that was first announced last year.Port Arthur is considered the crown jewel of the US refinery system. The Gulf Coast facility can process 600,000 barrels of oil per day, making it the largest refinery in North America, CNNMoney reported.

Saudi Arabia is already America’s second-largest source of crude, behind only Canada. The US imported 1.3 million barrels of Saudi crude a day in February, up 32 per cent from last year, according to the Energy Information Administration.

Crown jewel lost? Saudi take 100% control of America’s largest oil refinery | Business Standard News

This happened under Trump reign, in 2018.