Motiva Enterprises, the U.S. refining arm of Saudi Aramco, has signed an agreement 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.

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.

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22nd August 2019