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Aramco Trading Starts Commercial Operations

Source: www.gulfoilandgas.com 1/11/2012, Location: Middle East

Aramco Trading, a wholly-owned company subsidiary, geared up and began commercial operations Jan. 1, 2012, as Saudi Aramco’s downstream investment portfolio expands in-Kingdom and overseas. Formally established as Saudi Aramco Products Trading Company, the new entity will replace the Product Sales and Marketing Department (PSMD) in importing and exporting refined petroleum products, commonly known in the industry as “system balancing” of refined petroleum products.

Starting off with 80 employees, Aramco Trading’s role will be to support the parent company’s efforts to maximize downstream integration and generate further value by optimizing its growing global downstream presence. The formation of Aramco Trading was first announced in February 2011. Since then, the company has been quick off the blocks preparing to commence business, establishing internal risk management and counter party business management systems in line with industry best practices.

Aramco Trading will represent the company’s interest in sales and purchases of refined petroleum products such as condensates, naphtha, gasoline, middle distillate fuels, fuel oil and residual products and bulk petrochemical products.

With energy demand forecasted to rise in the long term, the company continues its significant downstream capital program via investments through its subsidiaries, affiliates and joint ventures in Saudi Arabia and abroad. “The landscape for trading has shifted with evolving market dynamics, and that will bring both challenges and opportunities. Our company continues to be responsive and committed to balancing its system and create value through continuous market participation,” said Said A. Al-Hadrami, president and CEO of Aramco Trading.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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