Aramco begins fuel trading from UAE


DUBAI • Saudi Arabian Oil Co (Aramco) hired two Singapore-based traders and began dealing in fuel at the Middle East’s main bunkering port as the world’s biggest oil exporter expands further into the trading business.

Aramco’s trading unit started doing deals earlier this month at its new office in the United Arab Emirates (UAE) port of Fujairah, according to people with knowledge of the situation.

It hired five people, including Avyay Saxena who formerly worked at BP plc and Trafigura Group and Max Moran who worked at the trading unit of Mexico’s Pemex, they said.

The company also hired a specialist in blending different products, according to the people, who asked not to be identified because they’re not authorised to speak to the media.

Saudi Aramco Products Trading Co (Aramco Trading) media officials didn’t immediately respond to a request for comment.

Aramco Trading’s expansion plans would propel it into the top tier of global fuel trading companies.

It opened an office in Fujairah as part of a global push into new markets to secure buyers for oil products as well as crude. It already has a Singapore branch, plans to open an office in Europe and has started trading liquefied natural gas.

Fujairah has been a scene of regional tension this month after four ships — including two Saudi oil tankers — were damaged in alleged sabotage attacks, while offshore from the port. — Bloomberg