Saudi Aramco Trading aims for 50 percent rise in oil trade volume in 2020
By Trend
Saudi’s Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company’s top official said on Monday, Reuters reports.
“Currently ... we’re at 4 million barrels per day and with expansion I think our target is 6 million barrels per day,” President and Chief Executive Ibrahim Al-Buainain said at the Asia Pacific Petroleum Conference (APPEC).
About 50 percent of the 2.5 million bpd of oil products it trades currently are hedged, he said.
The company is also looking at building its capacity in trading liquefied natural gas (LNG), using its Singapore office as a trading hub, Buainain said.
ATC plans to set up its European office in either Geneva or London and also aims to have an office in Fujairah to manage oil storage, he said.
In Singapore, Buainain said he expects the company’s office to grow to 30 to 40 people within the next two years.