Wed 13 Mar 2013 09:19

Saudi Aramco leases Fujairah fuel storage


Agreement signed with terminal operator Vopak Horizon Fujairah.

Saudi Arabian Oil Company (Saudi Aramco), has leased fuel storage at the port of Fujairah, United Arab Emirates, in order to boost its trading portfolio.

The agreement was signed by Saudi Aramco Products Trading Company, also known as Aramco Trading, with storage terminal operator Vopak Horizon Fujairah Ltd..

Aramco Trading principally deals with the sale and purchase of refined petroleum products such as fuel oil and residual products, middle distillate fuels, condensates, naphtha, gasoline, as well as bulk petrochemical products. Saudi Aramco markets crude oil directly to clients mainly under long-term contracts.

In a statement, Saudi Aramco said: "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."

Aramco Trading is a wholly-owned company subsidiary of state-owned oil company Saudi Aramco. It began commercial operations on 1 January 2012.

The trading subsidiary’s main role has been to support the parent company's strategy of maximizing its downstream integration and optimizing its growing global downstream presence.

With energy demand forecast to rise in the long term, Aramco has said that it will continue its downstream capital program with investments through its subsidiaries, affiliates and joint ventures in Saudi Arabia and abroad.
Chart showing percentage of off-spec and on-spec samples by fuel type, according to VPS. Is your vessel fully protected from the dangers of poor-quality fuel? | Steve Bee, VPS  

Commercial Director highlights issues linked to purchasing fuel and testing quality against old marine fuel standards.
Ships at the Tecon container terminal at the Port of Suape, Brazil. GDE Marine targets Suape LSMGO by year-end  

Expansion plan revealed following '100% incident-free' first month of VLSFO deliveries.
Hercules Tanker Management and Hyundai Mipo Dockyard sign bunker vessel agreement Peninsula CEO seals deal to build LNG bunker vessel  

Agreement signed through shipping company Hercules Tanker Management.
Illustration of Kotug tugboat and the logos of Auramarine and Sanmar Shipyards. Auramarine supply system chosen for landmark methanol-fuelled tugs  

Vessels to enter into service in mid-2025.
A Maersk vessel, pictured from above. Rise in bunker costs hurts Maersk profit  

Shipper blames reroutings via Cape of Good Hope and fuel price increase.
Claus Bulch Klausen, CEO of Dan-Bunkering. Dan-Bunkering posts profit rise in 2023-24  

EBT climbs to $46.8m, whilst revenue dips from previous year's all-time high.
Chart showing percentage of fuel samples by ISO 8217 version, according to VPS. ISO 8217:2024 'a major step forward' | Steve Bee, VPS  

Revision of international marine fuel standard has addressed a number of the requirements associated with newer fuels, says Group Commercial Director.
Carsten Ladekjær, CEO of Glander International Bunkering. EBT down 45.8% for Glander International Bunkering  

CFO lauds 'resilience' as firm highlights decarbonization achievements over past year.
Anders Grønborg, CEO of KPI OceanConnect. KPI OceanConnect posts 59% drop in pre-tax profit  

Diminished earnings and revenue as sales volume rises by 1m tonnes.
Verde Marine Homepage Delta Energy's ARA team shifts to newly launched Verde Marine  

Physical supplier offering delivery of marine gasoil in the ARA region.

↑  Back to Top


 Related Links