America's largest oil refinery is now fully owned by Saudi Arabia. Saudi Aramco, the kingdom's state-owned oil behemoth, took 100% control of the sprawling Port Arthur refinery in Texas on Monday, completing a deal that was first announced last year. The Gulf Coast facility can process 600,000 barrels of oil per day, making it the largest refinery in North America. Now that it controls the largest American refinery, Aramco can send more Saudi crude into the US for refining to sell to North American drivers. Saudi Arabia, the largest oil exporter in the world, dramatically slashed taxes on Aramco in March in an effort to quell concern about the oil giant's valuation.

Source: CNN May 01, 2017 17:48 UTC