Aramco Trading Company (ATC), a wholly owned subsidiary of Saudi Aramco, expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, up 50 percent from current levels, Reuters reported on Monday, citing a senior company official.
“Currently... we’re at 4 million barrels per day and with expansion I think our target is 6 million barrels per day,” said Ibrahim Al-Buainain, president and chief executive officer, ATC.
The company is also looking at building its capacity in trading liquefied natural gas (LNG), using its Singapore office as a trading hub. It plans to set up its European office in either Geneva or London and aims to have an office in Fujairah to manage oil storage, the report said.
Meanwhile, ATC is expected to gain from a switch by ships to cleaner fuels in 2020 as mandated by the International Maritime Organization.
“The second-hand effect of the IMO is the oversupply of high-sulphur fuel oil (HSFO) which in our case is a positive because we are net short on fuel oil and that will help us in meeting our requirements (for HSFO) in power generation,” Al-Buainain noted.
Established in October 2010, Aramco Trading Company trades in refined, liquid chemical, and polymer products. The company is a key player in the region, supplying to Europe, the Middle East, Africa, the Americas, Asia, and the Indian subcontinent.
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