Saudi Aramco’s trading unit, the Saudi Aramco Products Trading Company, has commenced swapping its crude oil in return for products refined in other countries, enabling the company to tap into new markets, according to its CEO.
Ibrahim Al Buainain told Bloomberg Aramco had sold oil to refiners based in the Mediterranean region and received fuel in return. Al Buainain said the refined products had been sold in Europe, North Africa and western Saudi Arabia.
Al Buainain added the company was trading small quantities of Saudi crude oil in the processing deals and the firm plans to increase its activity in the sector.
The strategy of dealing in crude marks a change for the Aramco trading unit, which previously bought and sold fuels like gasoline, diesel or fuel oil. Bloomberg reported that the trading arm may also supply crude to Aramco’s 600,000 barrels per day refinery in Port Arthur, Texas.
