Saudi Aramco is plans to boost its oil supply to Europe by 300,000 barrels per day (bpd) within the next two years, as it extends its European trade with an office to be opened this summer in London, a senior company executive announced, according to Reuters.
As the world’s leading oil producer, Aramco is expanding its ‘downstream’ capacity, or its location in the supply chain, and its refining and marketing footprint globally by signing new deals, and boosting the ability of its plants to secure new markets for its crude oil.
The firm’s trading arm is being directed towards new processing arrangements which would expand its crude oil supply and other products to European markets.
Aramco is looking to finalise deals in the next two years through swapping mainly Saudi crude with oil products to supply customers in Europe and the Mediterranean, Abdulaziz al-Judaimi, Aramco’s senior vice president for downstream, told Reuters.
"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," Judaimi said in a telephone interview this week.
"The whole idea is we supply crude, and we offtake refined products to supply markets like Italy, the Balkans, as well as Cyprus ... In Europe, having a virtual dedicated outlet and processing agreement is really the right winning strategy."