Aramco will be sole owner of the largest US refinery after dividing up Motiva’s assets, while Shell will receive cash to compensate for an uneven split.

Saudi Aramco and Anglo-Dutch major Shell have signed binding definitive agreements for the separation of assets, liabilities and businesses comprising the US-based Motiva Enterprises refining and marketing JV. The two companies say they expect the transaction to close in the second quarter this year.

Houston-headquartered Motiva, a...