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
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
"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
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.
Dow Jones Newswires