Thursday, Jan 12, 2012
(This story was originally published Wednesday.)
RIYADH (Dow Jones)--State giant Saudi Arabian Oil Co., or Saudi Aramco, said Wednesday it has started the operation of its trading unit focusing on petroleum products as it aims to maximize downstream integration.
The unit, known as Saudi Aramco Product Trading Co., or Aramco Trading, was launched Jan. 1 and will replace the product sales and marketing department in importing and exporting refined petroleum products, it said in a statement posted on its website.
Aramco Trading will deal with sales and purchases of refined petroleum products such as condensates, naphtha, gasoline, middle distillate fuels, fuel oil and residual products as well as bulk petrochemical products, it said.
Last February, Aramco said the unit, which will support its domestic expansion and its overseas downstream investment portfolio, will start trading operations by the end of 2011.
In a letter to its clients that Dow Jones Newswires viewed early December, Saudi Aramco said it will still be responsible for all sales of liquefied petroleum gas and that Said Al-Hadrami has been appointed president and chief executive officer of the trading unit, which will be based in Dhahran, Saudi Arabia.
Saudi Aramco, which is fully owned by the Kingdom of Saudi Arabia, is one of the largest oil and gas companies in the world. It has activities in exploration and production, refining, distribution, shipping and marketing, according to the organization's website.
Aside from being the world's top crude-oil exporter, Saudi Arabia also exports significant amounts of naphtha, gasoil and fuel oil while sometimes importing gasoline.
-By Summer Said, Dow Jones Newswires; +966-546-842-373; summer.said@dowjones.com
(END) Dow Jones Newswires
12-01-12 0356GMT
