Oil and gas behemoth Saudi Aramco is to acquire full control of Texas-based Port Arthur refinery. CNN Money reports that the Port Arthur facility is North America's largest oil refinery that produces about 600,000 barrels of oil per day.

Aramco already owns 50% of the refinery under Motiva Enterprises, a joint venture in collaboration with Royal Dutch Shell. Last week, the two oil majors announced a breakup of the venture, leaving Aramco with full ownership of Port Arthur and 24 distribution terminals.

The company has also secured exclusive rights to sell Shell-branded gasoline and diesel products in Georgia, North Carolina, South Carolina, Virginia, Maryland, the eastern part of Texas, and most of Florida.

Aramco paid $2.2bn (£1.7bn) to Shell in the breakup deal, according to a Bloomberg report.

Saudi Arabia is currently the second largest exporter of crude oil to the US, behind Canada. The Energy Information Administration reported that the US imported 1.3 million barrels of crude oil per day from Saudi Arabia in February.

Saudi Aramco is to release 5% of its equity within the Saudi stock exchange and an overseas stock exchange in the next two years. According to some estimates, the proposed IPO would be priced at $2tn, making it the largest IPO valuation in history. The issue has been made more lucrative with a 50% cut in the company's income tax rates through a royal decree.

Financial hubs such as London, New York, and Hong Kong have been courting the company for the listing privilege. The investment bank Moelis & Co has been appointed as advisor for the stock market flotation.

Oil prices have rebounded of late, contributing to a positive sentiment in the International Monetary Fund's (IMF) global growth forecast as per the annual World Economic Outlook report.