The Scottish Finnart pipeline usually transports oil to the Grangemouth refinery.
The five-year deal is set to terminate by the end of 2024.
A mild winter has caused a slowdown in demand.
The Japanese company is not concerned by the Biden administration’s pause on liquefied natural gas (LNG) export permits.
Methane is more damaging to the environment in the short term than carbon dioxide (CO₂).
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The decision comes after the plant was taken over by the state-controlled petroleum company Pemex in December.
The Port Arthur refinery was struggling to meet coker and reformer targets.
Public oil companies are looking to consolidate their activities rather than invest in expansion.
The Nigerian National Petroleum Company (NNPC) has met with a South Korean consortium in Seoul.
An Iranian state-owned petrochemical company operated out of an office near Buckingham Palace.