Saudi Aramco announced its goal to invest up to $30 billion in subsidiary Motiva Enterprises by 2023. The plan includes $12 billion for an initial investment, with another $18 billion expected by 2023. Saudi Aramco aims to expand refining capacity and the petrochemical value chain at Motiva’s oil refinery in Port Arthur, Texas. The facility currently refines 603,000 barrels per day of crude oil. Saudi Aramco expects the investment to create 2,500 jobs in Port Arthur in the short-term and 12,000 jobs by 2023.
Saudi Aramco to Invest up to $30 Billion
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