President Donald Trump and Saudi Crown Prince Mohammed bin Salman speak during a meeting at the Royal Palace in Riyadh on May 13. (Alex Brandon/AP)
Saudi Aramco plans to spend $3.4 billion on its Motiva refinery in Texas, the largest fuelmaking plant in the U.S.
The Saudi oil giant announced the project soon after Donald Trump arrived in Riyadh on his first scheduled trip abroad since returning to power. The American president, who’ll also visit Qatar and the United Arab Emirates, wants the energy-rich Gulf states to ramp up investments in the U.S. and buy more of its goods.
At the Motiva plant, Aramco will integrate petrochemicals production with fuels output, CEO Amin Nasser said at a forum in the Saudi capital. The company will sign a deal later May 13, he said, without giving further details. It wasn’t immediately clear whether the work would also increase crude-processing capacity.
The state-owned oil producer also plans to expand its U.S. liquefied natural gas business, he said. The company has already signed two 20-year agreements for LNG supplies from separate facilities in Texas. It’s seeking access to 7.5 million tons a year from its international projects by 2030, Nasser said.
