The unit, known as Saudi Aramco Product Trading Co., or Aramco Trading, inked the agreement with Vopak Horizon Fujairah, Aramco said in an emailed statement but didn’t give further details.

“Aramco Trading will use the fuel storage facility to optimise its trading portfolio as parent Saudi Aramco’s downstream investment portfolio expands in the Kingdom of Saudi Arabia and overseas,” it said.

The oil giant launched Aramco Trading in January last year to replace its marketing department in a bid to maximise its downstream integration.