Aramco Trading, the trading subsidiary of Saudi Aramco, has signed an agreement for the supply of Arabian crude oil to Polish refiner, PKN Orlen, in exchange for a similar volume of high sulfur fuel oil. The agreement is part of Saudi Aramco’s strategy to place set volumes of crude oil across different geographies, maintaining a healthy balance between third-party customers and affiliated outlets.
The agreement was signed by President and CEO of Aramco Trading, Mr. Ibrahim Al-Buainain and Executive Director of Trading Grzegorz Markiewicz from PKN. It was signed in the presence of Saudi Aramco CEO Amin H. Nasser and PKN CEO Daniel Obajtek at a ceremony hosted by Saudi Aramco at its Dhahran headquarters. The agreement paves the way for a further expansion of Aramco’s well established partnership and collaboration strategy while diversifying PKN’s crude oil supplies and securing new outlets for their products.
The increasing number of strategic partnerships established across refining, chemical and marketing activities reinforce Aramco’s downstream growth ambitions and bolsters its successful efforts to span the length of the value chain. The increased European presence also positions Aramco favourably to supply critical feedstock to the European market.
In addition, the agreement consolidates Saudi Aramco’s efforts to earmark new strategic outlets for crude oil enabling the company to accommodate a range of future market positions, as well as underpinning an optimal balance of geographic exposure between Asia, Europe, and North America.
Read the article online at: https://www.hydrocarbonengineering.com/refining/11042019/aramco-signs-supply-arrangement-with-pkn-orlen/