Aramco Trading Company (ATC) stated on 22nd December 2021 that it has authenticated a contract with Australian vendor, United Petroleum, for potential long-tenure petroleum stock, product storage, and extra business prospects.
Aramco Trading Company retails contract to United Petroleum
Australia, which is already the biggest fuel importer in the APAC region, is a significant target market for fuel exporters as its domestic purifying capacity has receded over several years.
The firms authenticated a non-binding memorandum of understanding (MOU), within which Aramco Trading Company strives to explore refined fuel sales to United Petroleum to adhere to the fast-maturing demand in Australia.
President and CEO of ATC, Ibrahim Al Buainain, indicated in a statement that through the MOU, the firm strived to progress the colossal opportunity for growth in United Petroleum’s logistics networks through the Australian geography and elsewhere.
The firms brainstormed to reconnoitre product storage and logistics partnership, whilst also evaluating regions of potential cooperation both within and outside the energy division, ATC stated.
Both the firms did not reveal the volumes and tenure of fuel supplies being discoursed under the contract.