By SUMMER SAID
DUBAI -- State giant Saudi Arabian Oil Co., or Saudi Aramco, said Sunday its trading unit has leased a fuel storage facility at the United Arab Emirates port of Fujairah to boost its trading portfolio.
The unit, known as Saudi Aramco Product Trading Co., or Aramco Trading, inked the agreement with Vopak Horizon Fujairah, Aramco said in an emailed statement but didn't give further details.
"Aramco Trading will use the fuel storage facility to optimize its trading portfolio as parent Saudi Aramco's downstream investment portfolio expands in the Kingdom of Saudi Arabia and overseas," it said.
The oil giant launched Aramco Trading in January last year to replace its marketing department in a bid to maximize its downstream integration.
The unit deals 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.
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.
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