Dec 06 2011 |
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Saudi Aramco To Launch Oil Product Trading Unit Next January
Tuesday, Dec 06, 2011
SINGAPORE (Dow Jones)--Saudi Arabian Oil Co., also known as Saudi Aramco , will begin operation of its trading unit focusing on petroleum products next January, roughly in line with the state oil giant's earlier statement.
This wholly-owned subsidiary will replace Saudi Aramco 's product sales department and handle the trade of condensate, light and middle distillates, fuel oil and some other products, Aramco said in a letter to its clients that Dow Jones Newswires viewed Tuesday.
Saudi Aramco will still be responsible for all sales of liquefied petroleum gas, the letter said.
In February of this year, Saudi Aramco announced its intention to launch a trading unit by the end of 2011 to maximize downstream integration.
-By Max Lin, Dow Jones Newswires; 65-6415-4063; max.lin@dowjones.com
(END) Dow Jones Newswires
06-12-11 0515GMT
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