Industry sources told Reuters that Aramco Trading Company, a subsidiary of oil giant Saudi Aramco, has started a Singapore office to market oil products.
It is believed that Nader Al-Arfaj has been hired for the job, from the parent company. He will head operations in the region and is in the process of building up a fuller team.
There are no immediate plans to conduct trading from Singapore the source added, saying that the office will only work to win new business for the parent company from Asia.
“It will provide marketing support for Saudi Aramco and will liaise with the trading headquarters in Dhahran,” the source said, referring to a city in Saudi Arabia.
According to Trade Arabia Saudi Aramco already has a separate company in Singapore, Aramco Asia Singapore, dealing with providing support for liquefied petroleum gas (LPG) and crude oil mainly for its customers and partners in Southeast Asia, India and Australia. Aramco’s presence in Singapore dates back to 1993.
Derivatives markets are believed to be a key target for Aramco Trading Company in Asia since Saudi Arabia went from a net diesel importer to an exporter of the fuel with the start up of two mega refineries in the country.