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Wed 13 Mar 2013, 09:19 GMT

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.

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