Shell Oil Company, the U.S. unit of Royal Dutch Shell Plc, said last Monday it expects to divide the refineries and other assets of the Motiva Enterprises joint venture with co-owner Saudi Aramco in the second quarter of 2017. Originally, the two companies targeted October 2016 for the split of assets.

"We are pleased with the progress we have made to date, and anticipate completion of the transaction in Q2 2017," Shell spokesman Ray Fisher said in an email. "The April 1 date is a target that the internal project teams are working toward."

In March 2016, Shell and Saudi Aramco said they would divide up the 20-year-old joint venture, which operates three refineries, including the United States' largest, on the Gulf Coast.

Regarding the details of the proposed division of assets, Saudi Aramco will retain the Motiva name and assume sole ownership of the 603,000-barrel-per-day Port Arthur, Texas, refinery, take over 26 distribution terminals and have exclusive licence to use the Shell brand for gasoline and diesel sales in Texas, the majority of the Mississippi River Valley, and the Southeast and Mid-Atlantic markets. Shell will assume sole ownership of two Louisiana refineries (with a combined capacity of 472,700 bpd) the Norco, Louisiana refinery (where Shell operates a chemicals plant), and the Convent, Louisiana refinery, as well as nine distribution terminals, and Shell branded markets in Florida, Louisiana and the Northeastern region.