UAE : Aramco Trading Co (ATC) has opened its second international office in Fujairah, with the firm’s chairman and senior vice president of Downstream with Saudi Aramco, Abdulaziz M. Al-Judaimi, and ATC president and CEO Ibrahim Q. Al-Buainain in attendance.
ATC’s expansion plans are expected to propel the Dhahranbased company into the top tier of global fuel trading companies, and its oil trading volume rise to 6-million barrels per day (bpd) by 2020.
According to ATC, the company started in 2012 with 600,000 to 700,000 bpd and now are operating at more than 4 million bpd. “Aramco Trading has experienced significant growth in recent years,” said Al-Buainain. “As the downstream business grows to the level that we want to reach 8-10 million bpd — Aramco Trading will grow together with that business.”
ATC was established to market refined products, and bulk petrochemicals. Beginning with refined products from its overseas refineries in the past years, leading them to introduce trading non-Saudi crude oil in 2017. As the UAE’s only emirate on the Arabian Sea coast, Fujairah is at the heart of the new energy corridor opening east of Suez to Asia.