Saudi Aramco and Anglo-Dutch major Shell have signed binding definitive agreements for the separation of assets, liabilities and businesses comprising the US-based Motiva Enterprises refining and marketing JV. The two companies say they expect the transaction to close in the second quarter this year.

Houston-headquartered Motiva, a 50:50 JV, operates three refineries with a combined crude processing capacity of 1.065mn b/d. (CONTINUED - 859 WORDS)