Aramco, the world’s biggest oil producer, is expanding its downstream, or refining and marketing, footprint globally by signing new deals and boosting the capacity of its plants to secure new markets for its crude.
Aramco is looking to finalize deals in the next two years through swapping mainly Saudi crude with oil products to supply customers in Europe and the Mediterranean, Abdulaziz al-Judaimi, Aramco’s senior vice president for downstream, told Reuters.
Aramco currently has more than 3 million barrels a month of oil supply and product swap arrangements in Europe, he said.
The company has deals with Poland’s PKN Orlen, Greece’s Motor Oil Hellas and Egypt’s Midore.
“We are looking to expand the 3 million barrels to almost 10 million barrels in a month, within the next two years. This means we have almost created a 300,000 bpd refining capacity in Europe,” Judaimi said.
Aramco will also continue to invest in Greece, he added.