Saudi Aramco mulls owning oil storage facilities in Fujairah: report

Saudi Aramco is considering acquiring or building oil storage facilities in Fujairah, after announcing last week it was opening a trading office at the eastern UAE port, a report by S&P Global Platts said on Monday.

"Aramco Trading is currently utilizing third-party storage in Fujairah; however we are exploring opportunities for wholly owned and operated Aramco Trading storage facilities there," S&P Global Platts said citing an emailed statement of Aramco.

S&P Global Platts said apart from Fujairah, which is the world's second largest bunkering port, Aramco also stores crude and refined products in other Middle Eastern facilities like Saudi's Red Sea port of Yanbu and Ain Sukhna as well as Egypt's Sidi Karir.

“The Fujairah trading office and expansion plans are part of Aramco's ambitious aim to boost trading volumes to 6 million barrels per day (mbd) by next year – 50 percent more than in 2018 -- and propel the company into the top tier of global fuel-trading companies,” the report maintained.

The new office, dubbed Aramco Trading Fujairah, will handle all gasoline and fuel oil storage and blending activity, S&P Global Platts said adding that Aramco has already been trading some 350,000 barrels per day of gasoline and fuel oil from the port, according to company officials.