Royal Dutch Shell plc announced yesterday the signing of binding definitive agreements between its U.S. downstream subsidiary SOPC Holdings East LLC and Saudi Refining Inc. on the separation of assets, liabilities and businesses of Motiva Enterprises LLC, which was formed in 1998 and has operated as a 50-50 refining and marketing joint venture since 2002. A year ago the companies signed a non-binding letter of agreement to divide the assets of Motiva, with its API Group II base oil plant in Texas becoming solely owned by Saudi Aramco affiliate Saudi Arabian Oil. Yesterday they confirmed Saudi Arabian Oil will pay $2.2 billion in cash and assumed debt, and will assume full ownership of the Motiva Enterprises name, along with the Port Arthur refinery and 24 distribution terminals. Subject to approvals, the transaction is expected to close in the second quarter.