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Subsidiary Launched for Refined Products Trading

Source: www.gulfoilandgas.com 2/22/2011, Location: Middle East

The Saudi Arabian Oil Company (Saudi Aramco) has established Saudi Aramco Product Trading Company (Aramco Trading), a wholly-owned subsidiary, to maximize downstream integration and generate value by leveraging its growing global system.

Aramco Trading would undertake and enhance the system balancing of refined petroleum products to optimize and support Saudi Aramco’s expanding in-Kingdom and overseas downstream investment portfolio.

“Through the establishment of this new subsidiary Aramco Trading, we hope to better capture integration opportunities in our global system, and additionally create more value for our expanding downstream business in the Kingdom of Saudi Arabia, and overseas,” Khalid G. Al-Buainain, senior vice president, Downstream, Saudi Aramco, said in his address to customers, industry participants and stakeholders at the company’s IP Week annual gathering in London.

With energy demand forecast to rise in the long term, Saudi Aramco continues to demonstrate its commitment to meeting future demand by undertaking a significant downstream capital program via investments through its subsidiaries, affiliates and joint ventures in Saudi Arabia and abroad.

“The shift in trade patterns will bring both challenges and opportunities that can be leveraged by the Company in balancing its system and create value through the continuous market participation,” said Said A. Al-Hadrami, President and CEO of the newly formed subsidiary. “We also want to emphasize that the new subsidiary will only engage in products trading,” he added.

The subsidiary will be based in the Kingdom of Saudi Arabia and will commence trading operations by the end of 2011, Al-Hadrami said.

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