Shell and Saudi Aramco formed their Motiva joint venture nearly two decades ago and spent $10 billion to double the size of their plant in Port Arthur, Texas, in 2012. The move made the 600,000 barrel-a-day fuel factory the largest in America; a significant portion of the gasoline, diesel and jet fuel produced every day is exported to overseas markets. Saudi officials in January floated the idea that shares of the state-owned oil company might be sold in a public offering , amid a broader push to privatize state-run companies that coincides with a protracted slump in oil prices. At the time, many energy experts speculated that any initial public offering would focus on the refining and petrochemical arms of Saudi Arabia’s state-owned energy company, not its oil exploration and production assets. The Motiva split could help pave the way for such an equity offering, while also giving Shell […]