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Dhahran, Saudi Arabia – Aramco Trading Company today signed an agreement with Egypt’s Red Sea National Petrochemicals Company for a long-term crude oil supply for its planned refinery complex with a provision for offtake of refined and petrochemical products.
Under the agreement, Aramco Trading will supply 100,000 barrels per day of Arabian Crude into its Refining and Petrochemical complex, which is expected to be built at the Suez Canal Economic Zone in Ain Sokhna. The agreement will pave the way for Aramco Trading to buy products from Red Sea, which include polymers, olefins, and liquid refined and petrochemical products.
The Red Sea National Petrochemicals Company (Red Sea Co.) was established to meet the needs of the local market for refined and petrochemical products in addition to creating export opportunities for these products.
The planned petrochemical refinery is expected to have a liquid-to-chemical conversion rate of around 60-70%, which is the main pillar in Egypt's Ministry of Petroleum and Mineral Resource national transformation program.
Mohammed Y. Al Qahtani, ATC Chairman, said: “We are pleased to sign this agreement with Red Sea National Petrochemicals Company, a valued Oil & Gas partner. This is in line with Saudi Aramco’s strategy to maximize liquid-to-chemical conversion. We are committed to supporting the continued development of oil and gas resources in Egypt, a Country which is capable of delivering technologically advanced projects of significant scale to meet the growing energy demands of the Nation and the region."
About ATC
Aramco Trading Company (ATC) is the trading arm of Saudi Aramco that trades crude, refined products, LNG and LPG, blending components, bulk petrochemicals, and polyolefins.
To reach out to a wider customer base and to maximize trading opportunities, Aramco Trading strategically maintains storage and blending facilities in major trading hubs, customizing product specs to meet customer demand.
ATC now has four global offices in Dhahran, Fujairah, London, and Singapore to support this integration model. With our growing geographical reach, Aramco Trading has broader access to markets, a wider client base, a diversified workforce, and a more sophisticated and integrated global business model.
Today, the company is recognized globally as a critical trading partner for refiners, shipping companies, financial institutions, end-users, and other product-trading companies.
Contact:
Rakan Al Mansour
Corporate Affairs Manager
E-mail: rakan.almansour.1@aramcotrading.com
© Press Release 2022
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