Saudi Aramco plans to expand its trading operations in Europe by increasing oil supply by 300,000 barrels per day (b/d) over the next two years, according to a senior company executive.
“I am going to bet on Europe… We believe that Europe is a market that we are going to stay in for a long time,” Abdulaziz Al-Judaimi, Aramco’s Senior Vice President for downstream, told Reuters in a telephone interview.
Aramco concentrates on a new processing arrangement to supply European markets with both crude oil and petroleum products.
Currently, Aramco has more than 3 million barrels a month of oil supply and product swap arrangements in Europe. The company has deals with Poland’s PKN Orlen, Greece’s Motor Oil Hellas, and Egypt’s Midore.
“We are looking to expand the 3 million barrels to almost 10 million barrels in a month within the next two years. This means we have almost created a 300,000 b/d refining capacity in Europe,” Al-Judaimi added.