SAUDI ARAMCO WANTS +50%

ARAB NEWS - Saudi's Aramco Trading Company (ATC) expects to increase its oil trading volume to 6 million barrels per day (bpd) in 2020, 50 percent higher than current levels, the company's top official said on Monday.

"Currently ... we're at 4 million barrels per day and with expansion I think our target is 6 million barrels per day," President and Chief Executive Ibrahim Al-Buainain said at the Asia Pacific Petroleum Conference (APPEC).

About 50 percent of the 2.5 million bpd of oil products it trades currently are hedged, he said.

The company is also looking at building its capacity in trading liquefied natural gas (LNG), using its Singapore office as a trading hub, Buainain said.

ATC plans to set up its European office in either Geneva or London and also aims to have an office in Fujairah to manage oil storage, he said.

In Singapore, Buainain said he expects the company's office to grow to 30 to 40 people within the next two years.

ATC also expected to benefit from a switch by ships to cleaner fuels in 2020 as mandated by the International Maritime Organization.

"The second-hand effect of the IMO is the oversupply of high-sulphur fuel oil (HSFO) which in our case is a positive because we are net short on fuel oil and that will help us in meeting our requirements (for HSFO) in power generation," Buainain said.

Buainain has headed the trading arm of Saudi Aramco since 2016.

ATC was set up in 2012 to market refined products, base oils and bulk petrochemicals. It started trading non-Saudi crude oil and refined products from its overseas refineries in the past years as the world's largest oil exporter seeks to optimise profits.

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Earlier:

2018, September, 19, 13:05:00 SAUDI ARAMCO INVESTMENT: $133 BLN REUTERS - State oil giant Saudi Aramco will spend more than 500 billion riyals ($133 billion) on oil and gas drilling over the next decade, a senior company executive said on Monday.

2018, September, 7, 12:05:00 SAUDI ARAMCO TENDER $15 BLN MEOG - Saudi Aramco has put its $15 billion Marjan Crude Increment Programme up for tender, according to multiple posts on ProTenders and BNC Network.

2018, September, 7, 12:01:00 SAUDI ARAMCO TENDER $6 BLN MEOG - Saudi Aramco put $6 billion Berri oilfield up for tender, including the expansion of the Berri offshore oilfield, which produces between 250,000 to 300,000 bpd, as well as the expansion of the Berri gas plant in Jubail.

2018, September, 5, 10:30:00 BAKER HUGHES & SAUDI ARAMCO CONTRACT PLATTS - Saudi Aramco has awarded Baker Hughes a major services contract to boost crude oil production from Saudi Arabia's offshore Marjan oil field.

2018, August, 29, 10:05:00 SAUDI ARAMCO NEW CONTRACT FT - Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and gasfields, raising questions about Saudi Aramco’s long-term production and revealing a power struggle between the company and the government.

2018, August, 24, 11:25:00 SAUDI ARAMCO IPO ARAB NEWS - The Government remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum. This timing will depend on multiple factors, including favorable market conditions, and a downstream acquisition which the Company will pursue in the next few months, as directed by its Board of Directors.

2018, August, 20, 14:15:00 SAUDI ARAMCO: THE GLOBAL LEADER SAUDI ARAMCO - 2017 highlights: Produced an average of 10.2 million barrels per day of crude oil including condensate Increased amount of natural gas supplied for fourth straight year, to an average of 8.7 billion standard cubic feet per day Crude oil exports averaged 6.9 million barrels per day