3 expat women who practiced prostitution in a hotel arrested in Riyadh    Tunisian president and Saudi interior minister discuss security cooperation    Saudi, US defense ministers discuss over phone ways to enhance strategic cooperation    Grand Mufti expresses pride over Saudi Arabia's firm position on Palestine issue    Saudi Arabia's inflation records slight rise reaching 2% in January 2025    Electromin celebrates victory of "Nissan Formula E Team" in "Jeddah E-Prix" as first Saudi private-sector global partner in Formula E    Saudi Arabia vows full support to Lebanon's actions to safeguard citizens' security    US-made heavy bombs arrive in Israel after Biden-era hold    Death toll from New Delhi railway station stampede rises to 18    US, Russia to begin Ukraine peace talks in Saudi Arabia    Al Ittihad CEO calls for fairness as Al Hilal raises officiating concerns ahead of Saudi Classico    LG Electronics Saudi Arabia and Shaker Group mark 30 years of sustainable innovation in HVAC solutions    Benzema shines with goal and two assists as Al Ittihad dominate Al Wehda French star leads Al Ittihad to 4-1 victory, extending lead over Al Hilal ahead of top-of-the-table clash    Saudi Arabia among world's top 10 energy storage markets    Al Hilal held to controversial 1-1 draw against Al Riyadh, missing chance to reclaim top spot    Al Hilal accuses SPL's Michael Emenalo of bias and SFF's Manuel Navarro of pressuring team to accept local referees Club criticizes officiating, calls for elite foreign referees in Saudi Pro League    Maya Diab joins Arab stars and celebrities in celebrating the Centrepoint Ramadan 2025 collection launch at Riyadh Boulevard    Oilatum tackles rise in Eczema and Dry Skin in Saudi Arabia    HONOR brings together AI and luxury with PORSCHE DESIGN HONOR Magic7 RSR at LEAP 2025    Chinese film stirs national pride, rakes in $1bn in days    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Aramco to boost oil supply to Europe, expand trade
Published in The Saudi Gazette on 14 - 05 - 2019

Saudi Aramco aims to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years as it expands its trading operations there with an office opening this summer in London, a senior company executive said.
Aramco, the world's biggest oil producer, is expanding its downstream, or refining and marketing, footprint globally by signing new deals and boosting the capacity of its plants to secure new markets for its crude.
The company's trading arm has been focusing on a new processing arrangement in which it would supply European markets with both crude oil and products.
Aramco is looking to finalize deals in the next two years through swapping mainly Saudi crude with oil products to supply customers in Europe and the Mediterranean, Abdulaziz Al-Judaimi, Aramco's senior vice president for downstream, told Reuters.
"I am going to bet on Europe... We believe that Europe is a market that we are going to stay in for a long time," Judaimi said in a telephone interview this week.
"The whole idea is we supply crude, and we offtake refined products to supply markets like Italy, the Balkans, as well as Cyprus ... In Europe, having a virtual dedicated outlet and processing agreement is really the right winning strategy."
Aramco currently has more than 3 million barrels a month of oil supply and product swap arrangements in Europe, he said.
The company has deals with Poland's PKN Orlen, Greece's Motor Oil Hellas and Egypt's Midore.
"We are looking to expand the 3 million barrels to almost 10 million barrels in a month, within the next two years. This means we have almost created a 300,000 bpd refining capacity in Europe," Judaimi said.
The company has invested in its storage capacity in Egypt and the Dutch port of Rotterdam. About 60% of the capacity of the SUMED storage pipeline in Egypt is for Saudi crude, used by Aramco to reach its customers in Europe, he said.
The Rotterdam terminal now holds more than 6 million barrels of oil, he said.
Aramco will also continue to invest in Greece, Judaimi said.
The priority is to supply refiners with Saudi crude to lock in their capacity, but non-Saudi crude can also be supplied through spot trading.
"This is a win-win strategy because it helps the refiner ... and for us it is to place crude oil in the European refining assets," he said.
"The refining sector in Europe requires such deals and we are taking advantage of available capacity."
The state oil giant's trading arm, Aramco Trading Co (ATC), plans to open an office in London in July, Judaimi said. ATC has been expanding its overseas operations and increasingly competing with global trading houses in new markets.
ATC logged record trading volumes in crude and refined products of 4.5 million bpd in the first quarter, and is on track to reach its target of 6 million bpd by the end of next year, Judaimi said, close to Vitol's trading level.
"We started seven years back on trading activities and our growth story is quite a successful story, we started with 300,000 bpd and we are now at about 4.5 million bpd."
ATC was set up in 2012 initially to market refined products, base oils and bulk petrochemicals, but has since expanded into crude trading.
Judaimi said Aramco's new, 400,000-bpd refinery in the southwestern Saudi province of Jizan was expected to start later this year.
Aramco will make an investment decision to go with the front-end engineering for its refining joint venture with Chinese defense conglomerate Norinco by the third quarter of this year, he said.
"China focus is important; China now imports a lot of crude oil, and we believe that could be a market that is growing and strong as well."
He said Aramco was looking at multiple downstream opportunities in India. — Reuters


Clic here to read the story from its source.