Aramco Trading formed to engage in products trading

A new subsidiary of Saudi Aramco has been formed to maximize downstream integration of refined petroleum products. This new subsidiary, Saudi Aramco Product Trading Company (Aramco Trading) will be based in Saudi Arabia. It will begin trading operations by the end of 2011. “Through the establishment of this new subsidiary Aramco Trading, we hope to better capture integration opportunities in our global system, and additionally create more value for our expanding downstream business in Saudi Arabia, and overseas,” said Khalid G. Al-Buainain, senior vice-president of Saudi Aramco. Saudi Aramco is expected to continue its commitment to a significant downstream capital program with investments in its subsidiaries, affiliates and joint ventures. Said A. Al-Hadrami has been named president and chief operating officer of Aramco Trading. (February 24, 2011)