IP Week

February 21, 2011

LONDON -- International Petroleum (IP) Week, starting Feb. 21 in London, proved a useful platform for Saudi Aramco to officially announce its new fully owned subsidiary Saudi Aramco Product Trading Co. (Aramco Trading). IP Week is one of the key gatherings in the oil industry calendar.

Aiming to increase integration between refining and marketing activities, the new company will trade petroleum products, starting by the end of the year. “We hope to better capture the opportunities in our global system, and additionally create more value for our expanding downstream business in the Kingdom of Saudi Arabia and overseas,” said Khalid G. Al-Buainain, Saudi Aramco’s senior vice president of Downstream, speaking at the IP Customer Reception. “Downstream business is growing, and growing fast so we felt it was the right time to launch Saudi Aramco Product Trading Co. to meet demand.”

Al-Buainain concluded by saying. “We want to reaffirm our commitment to all of you that we are a reliable supplier of energy and hope our relationship remains the same.” Supported by Saudi Aramco, the reception gave industry leaders a chance to network and strengthen business partnerships.

Throughout the IP Week, representatives of Saudi Petroleum Overseas Ltd. and Saudi Aramco met with European crude and product customers to discuss contract issues and supply volumes for delivery in 2011. The week coincided with tumultuous geopolitical events that continue to have a profound effect on market volatility.

The Energy Institute is the professional body for the energy industry and the organizer of IP Week, supporting more than 14,000 individuals and 300 companies across 100 countries, promoting responsible practice and professionalism. SPOL employees are involved members of the Energy Institute and enjoy the benefit of its professional activities throughout the year.