Aramco Trading opens first international office in Singapore

Saudi Aramco has set up a trading arm in Singapore to expand its refining operations and petrochemical output, it said on Thursday.

Oil product demand in Asia Pacific has grown over the past decade to reach 32.6 million barrels per day (bpd) in 2016, the statement said.

According to a Wood Mackenzie forecast, demand will continue to rise based on an average gross domestic product growth of 3.7 percent between 2016 and 2035, reaching about 41 million bpd in 2035.

China and India are forecast to account for over 75 percent, or 7 million bpd, of the demand growth in Asia Pacific.

According to the Aramco statement, Singapore has the largest concentration of oil storage in Asia with 10 million cubic meters of independent oil storage capacity, making it the largest physical oil trading hub and price discovery centre in Asia.

Established in October 2010 as a wholly owned subsidiary of Saudi Aramco, Aramco Trading Company trades in refined, liquid chemical, and polymer products.

The company is a key player in the region, supplying to Europe, the Middle East, Africa, the Americas, Asia, and the Indian subcontinent, the statement said.