The company added: "As [of] 31 December 2016, Motiva's total net debt was $3.2bn, of which Shell will assume $0.1bn, resulting in a deduction to the cash portion of the balancing payment of $1.5bn." Saudi Aramco, meanwhile, has announced that SRI has retained, among other assets, the rights to the Motiva Enterprises name and legal entity, which it will continue to operate, as well as a 600,000-barrel/day refinery at Port Arthur, Texas. Commenting on the split, Amin H. Nasser, president and CEO of Saudi Aramco, said: "Saudi Aramco will provide Motiva with strong financial support and the necessary liquidity needed to maintain an investment grade credit rating and capitalise on growth and expansion opportunities, to help the company become a highly competitive major downstream player in the US." Both entities noted that the transaction, subject to regulatory approval, should close in the second quarter of this year.