Aramco Trading Company announced the launch of US-based Aramco Trading Company as a subsidiary in addition to Aramco’s acquisition of 100% of Metoeva Trading Company.
Saudi Aramco announced in a statement that Aramco American Trading will act as Aramco Trading’s regional office to expand its commercial business in the Americas, take advantage of new opportunities and increase profits. existing client base.
And she explained that according to the sale and purchase agreement, Aramco for American Trade will be the sole supplier and buyer for Motiva Enterprises, the largest oil refinery in North America with a processing capacity of 630,000 barrels per day, and produces household and commercial fuels and basic oils.
The company indicated that by launching Aramco Trading of America, Aramco Trading will be able to bring its business closer to customers by providing them with excellent access to the powerful global hydrocarbon system, which will significantly improve the value chain on a global scale.
In this regard, Aramco President and CEO Amin Nasser confirmed in statements to Bloomberg that the company is confident in the growth in oil demand this year due to the resumption of the Chinese economy and economic recovery. aviation market.
He noted that the company has already begun to see good signs coming from China and hopes to see further economic recovery over the next two months.
And he said demand for jet fuel has increased significantly compared to last year, as it was just one million barrels below pre-coronavirus levels from two million barrels a year ago.
He stated that these figures are constantly improving, highlighting the need for increased investment in oil production, and that idle capacity is two million bpd, slightly above total demand of 100 million bpd, and is likely to fall as China ends the shutdown associated with Corona virus.
Source: “Okaz”