By Staff Writer on Jul 5, 2016 at 9:04 am EST
Earlier in March, Saudi Aramco’s subsidiary, Saudi Refining, Inc (SRI) and Royal Dutch Shell plc (ADR) (NYSE:RDS.A), announced to dissolve their fuel partnership, Motiva Enterprise. Due to contradictory interests, both the entities signed a letter of intent (LOI), showing the division of assets held under joint venture (JV).
However, the disbanded venture has stuck another blow as Shell is seeking up to $2 billion as a part of breakup from its giant refining enterprise. The hefty compensation is due to Saudi Aramco’s retention of a larger stake in the venture for almost two decades.