After 3 years of negotiations, FINA Inc., Dallas, is about to wrap up a deal with Arabian Petroleum Co. in which the two would jointly own FINA's U.S. refining, marketing, and transportation assets valued at $1.3 billion.
The deal hinges on the joint venture, to be called FINA U.S.A., signing a firm, long term contract to receive 75,000-100,000 b/d of crude oil from Saudi Aramco Oil Co.
FINA Inc. assets involved in the deal include 3,000 retail service stations, a 150,000 b/d refinery at Port Arthur, Tex., a 60,000 b/d refinery at Big Spring, Tex., two 1.5 million bbl crude oil tankers, a 510 mile 10 in. bidirectional crude pipeline between Port Arthur and Midland, Tex., a 381 mile 6-8 in. products pipeline from Big Spring to Duncan, Okla., and nine product terminals.
FINA is to be the operator.
When completed, the deal will mark the first time a private Saudi company has engaged in refining and marketing Saudi oil outside Saudi Arabia.
After formation of the joint venture, Delta International, a Saudi company, will be the major shareholder of Arabian Petroleum.
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