24MAY2019 - NEWS - Aramco starts fuel trading from UAE

Saudi Aramco hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.

Aramco’s trading unit started doing deals earlier this month at its new office in the United Arab Emirates port of Fujairah. It hired five people, including Avyay Saxena who formerly worked at BP Plc and Trafigura Group and Max Moran who worked at the trading unit of Mexico’s Pemex.

Aramco Trading’s expansion plans would propel it into the top tier of global fuel-trading companies. It opened an office in Fujairah as part of a global push into new markets to secure buyers for oil products as well as crude. It already has a Singapore branch, plans to open an office in Europe and has started trading liquefied natural gas.

Saudi Aramco aims to double its refining capacity to about 10 million barrels a day over the next decade and is set to start a new 400,000 barrel-a-day oil-processing plant this year at Jazan in southwestern Saudi Arabia. It also plans to tap the U.S. gas market, agreeing Wednesday to buy a stake in a Sempra Energy LNG project in Texas and to buy fuel from the plant in a 20-year contract.

Published by Editor - www.Livebunkers.com at 24-May-2019 02:10:40 [UTC] , contact editor at editor@livebunkers.com