As Saudi Aramco looks to develop new revenue streams, the state oil giant is doubling down on its trading arm, which this week opened its second overseas office in Fujairah.
Aramco was an early mover within the region, establishing Aramco Trading Co (ATC) in 2012. If imitation is the sincerest form of flattery then other regional NOCs clearly like the cut of Aramco’s cloth as they rush to develop their own trading arms. Abu Dhabi’s Adnoc set up a trading JV with Eni and OMV this year which will start up in 2020 (MEES, 1 February), and Iraq’s Somo has dabbled with trading JVs in recent years (MEES, 24 May). (CONTINUED - 1085 WORDS)