Saudi Aramco, the state-owned Saudi Arabian oil firm, is acquiring full control of North America's largest oil refinery, the Texas-based Port Arthur refinery, International Business Times reports.

The refinery produces about 600,000 barrels of oil per day with 24 distribution terminals, according to CNNMoney.

Aramco currently owns 50% of Port Arthur under Motiva Enterprises, a joint venture with Royal Dutch Shell  (RDS.A - Get Report) . The two firms announced the split of the venture last week.

Saudi Arabia is the second largest exporter of crude oil to the U.S., and Saudi Aramco is expected to be the biggest initial public offering in history when it prices next year.