Saudi Arabian Oil (Saudi Aramco) and Royal Dutch Shell have agreed to split the assets, liabilities and businesses of their US joint venture, Motiva Enterprises.

In connection with the transaction, Saudi Aramco’s subsidiary Saudi Refining (SFI) and Shell’s US downstream subsidiary SOPC Holdings East have signed a $2.2bn balancing payment deal.

As part of the deal, Saudi Aramco’s subsidiary SFI will take the ownership of Motiva Enterprises name and legal entity to continue the operations of the company as a distributor and marketer of gasoline, diesel and other petroleum products.

SFI will also manage Texas’ Port Arthur refinery that produces 600,000 barrel per day, as well as 24 distribution terminals that hold a total storage capacity of 11.1 million barrels.

These facilities serve around 5,300 Shell-branded service stations, unbranded wholesalers and third-party customers.

The deal allows Motiva to exclusively sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland and Washington D.C.

Shell will take the ownership of Norco refinery and Convent refinery in Louisiana, in addition to 11 distribution terminals.

Subject to regulatory approval, the deal is expected to complete in the second quarter of this year.

Saudi Aramco president and CEO President and CEO Amin Nasser said: We view this transaction as a positive outcome of the strong and historic business of Saudi Aramco in the US, and see next steps to support Motiva in its ongoing role as a major refiner and a top provider of refined products and derivatives in the US.”

Motiva president and CEO Dan Romasko said: “In preparation for transaction close, we are working diligently on two fronts – delivering on our 2017 business plan and preparing the company for a successful transition to stand-alone operation.”