The discontinuation of the joint venture and redistribution of the assets allows each company to focus its downstream business. Per the terms of the non-binding letter of intent the partners signed in March 2016, both companies have evaluated options and through constructive and successful negotiations selected an optimal deal structure to divide and transfer Motiva Enterprises LLC’s assets, liabilities and businesses between the companies. The final negotiated transaction includes the following: SRI will assume full ownership of the Motiva Enterprises LLC name and legal entity, including the refinery at Port Arthur, Texas and 24 distribution terminals. Additionally, Motiva will have the right to exclusively sell Shell-branded gasoline and diesel in Georgia, North Carolina, South Carolina, Virginia, Maryland and Washington, D.C., as well as the eastern half of Texas and the majority of Florida. Shell will assume sole ownership of the Norco, La., refinery (where Shell operates a chemicals plant), the Convent, La., refinery, 11 distribution terminals, and Shell-branded markets in Alabama, Mississippi, Tennessee, Louisiana, a portion of the Florida panhandle, and the North-eastern region of the U.S. These assets will be fully integrated with Shell’s downstream business in North America. Dan Romasko, Motiva President and CEO, said: “We are nearing completion of our preparations to support stand-alone operations upon transaction close. As always, we remain focused on safe and profitable operations and serving our customers exceptionally well.” Both Motiva owners are fully committed to supporting the venture during this period of transition and assuring excellent customer service and continued health, safety and environmental performance. Owner financing support arrangements for Motiva will remain in place throughout the transition, and both parties are committed to maintaining Motiva’s balance sheet strength and liquidity. -- SPA 23:51 LOCAL TIME 20:51 GMT www.spa.gov.sa/w348180