Riyadh – Mubasher: Saudi Aramco announced at a business summit in Saudi Arabia that it is planning to invest up to $30 billion in its US subsidiary Motiva Enterprsies LLC, Reuters reported.

An initial investment of $12 billion would be injected into a project to expand the refining capacity at Motiva's Port Arthur, Texas, refinery, which is already the largest in the US, and to extend Motiva's operations in the petrochemical value chain, the agency quoted a statement about the investment.

The company expected an additional investment of $18 billion in Motiva by 2023.

The capacity to refine crude oil increased to 603,000 barrels per day (bpd) since the completion of an expansion of the Port Arthur refinery in 2012.

"We are investing in long-term job creation and the future of the refining industry in the US, and we are delivering on Vision 2030 to expand the US-Saudi partnership," Aramco CEO Amin Al Nasser said on Saturday, according to the statement.

Moreover, Aramco has announced that around 2,500 additional jobs would be created at Port Arthur and another 12,000 jobs by 2023.

Vision 2030 is a plan announced last year by Saudi Deputy Crown Prince Mohammed bin Salman to diversify the Saudi economy away from the reliance on oil production, Reuters stated.