Aramco Trading Signs Fuel Deal with Australia's United Petroleum
12.27.2021 By Ricardo Perez - NEWS

December 27, 2021 [Reuters] – Aramco Trading Company (ATC) said on Wednesday it has signed an agreement with Australian retailer United Petroleum for potential long-term fuel supply, product storage and other business opportunities.


Australia, which is already the largest fuel importer in the Asia Pacific, is a hot target market for fuel exporters as its domestic refining capacity has dwindled over the years.

The companies signed a non-binding memorandum of understanding (MOU) under which ATC intends to explore refined fuel sales to United Petroleum to meet fast-growing demand in Australia.

“Through this MOU, we hope to advance the vast opportunity for growth in United Petroleum’s distribution networks across Australia and elsewhere,” ATC President and Chief Executive Officer Ibrahim Al Buainain said in a statement.

The companies plan to explore product storage and logistics collaboration, while also assessing areas of potential cooperation both within and beyond the energy sector, ATC said.

Both ATC and United Petroleum did not comment on the volumes and duration of fuel supplies being discussed under the agreement.

Click Here to Access a 7,000 Tank Terminal Database With a Pro Trial

7,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

South Korea's KNOC to Get 4 mil Barrels UAE Crude in Joint Storage Project with ADNOC
03.24.2023 - NEWS
March 24, 2023 [S&PGlobal] – South Korea recently received 2 million barrels of crude ... Read More
China Exports More Fuel Than Expected
03.22.2023 - NEWS
March 22, 2023 [Energy Intelligence] – China’s combined exports of gasoline, diesel a... Read More
Why Brazil Looks to Boost Oil Refining Capacity
03.22.2023 - NEWS
March 22, 2023 [bnamericas] – After years of relative stagnation, Brazil is likely to resum... Read More
Iraq and UAE Spearhead Downstream Expansion
03.22.2023 - NEWS
March 22, 2023 [] – Oil markets have been affected by financial market challeng... Read More