The CEO of Aramco Trading Company, Ibrahim Al-Buainain, said on Tuesday that the company currently sells six million barrels per day of crude oil and products.
Saudi Aramco and other oil producers in the Middle East have stepped up their commercial efforts as a way to raise income after the collapse of oil prices in 2014..
These producers slowly gained market share from oil majors and commodity trading groups, using their access to their own grades and refining power to compete aggressively..
The CEO of the company said during the Indian Energy Week conference in Bengaluru that the company is doing very well and is expanding, and that it recently opened Aramco Trading America. He pointed out that, therefore, the company’s sales amounted to about six million barrels per day (of all liquid products)..
Motiva Trading, the trading arm of Aramco in Houston, USA, changed its name to Aramco Trading America and became a wholly owned subsidiary of Aramco Trading earlier this year..
Under the purchase agreement, Aramco Trading America became the sole supplier and contractor for Motiva, which owns the largest refinery in North America with a capacity of 630,000 barrels per day..
