Dhahran-based Aramco Trading Company, a subsidiary of Saudi Arabia's state-run Saudi Aramco, has inaugurated its second overseas office in Fujairah Oil Industry Zone as Aramco Trading Fujairah, marking its investment in a new market to expand its base of buyers for refined and crude products.
Aramco Trading Fujairah will handle all of Aramco Trading's gasoline and fuel oil storage and blending activities.
Aramco Trading Co's president and chief executive officer, Ibrahim Al-Buainain, said the company started 2012 with a production capacity of 600,000-700,000 barrels per day (bpd).
"We’re operating at more than 4 million bpd – and as the downstream business grows to the level that we want to reach 8-10 million bpd, so Aramco Trading will grow together with that business," he coninued.
"In Fujairah, we have a growing business that started with 100,000 bpd and now we have 350,000 bpd between gasoline and fuel oil."
Chairman of Aramco Trading and head of downstream at Saudi Aramco, Abdulaziz M Al-Judaimi, said Fujairah was viewed by the firm as a solid base for its client relationships to thrive.
He added: "We have been in Fujairah for a number of years and as our trading business expands globally – between Singapore, Saudi Arabia, London, and Houston – we trade across different time zones, and Fujairah as the centre of our blending operations, we thought it is important to be here, physically doing trading as a business in Fujairah."
These details were revealed by UAE state news agency, Wam, which added that Fujairah Oil Industry Zone is home to 18 oil companies with a total storage capacity of 10 million cubic metres.