Aramco Trading signs MoU with Australia's United Petroleum for fuel supply, product storage

Logo of Aramco Trading Co.

Aramco Trading Co. (ATC) signed a non-binding memorandum of understanding (MoU) with United Petroleum Pty Ltd (United Petroleum), an Australian petrol retailer and importer, the company said in a statement.

The MoU covers potential long-term fuel supply, product storage and other business opportunities.

Under the MoU, ATC intends to explore the sale and supply of refined fuels to United Petroleum to meet fast-growing demand in its network of facilities in Australia and elsewhere.

At the same time, ATC and United Petroleum will explore product storage and logistics collaboration to generate long-term value for both businesses. They will also assess additional areas of potential cooperation, both in the energy sector and other growth areas.

"Through this MoU, we hope to advance the vast opportunity for growth in United Petroleum's distribution networks across Australia and elsewhere," said ATC President and CEO Ibrahim Al Buainain.