News & media
Aramco Trading Company Gives 2 Million USD to the Health Endowment Fund in an attempt to fight COVID-19
Aramco Trading Company (ATC) had participated by giving US $ 2 million to the Health Endowment Fund of the Ministry of Health of Saudi Arabia to support their efforts in fighting COVID-19.
Ibrahim Q. Al-Buainain, President and CEO of Aramco Trading said; “It is important that during such tough times, Saudi corporations and individuals continue to demonstrate solidarity behind those fighting on the front lines to withstand this pandemic. This amount is to support our heroes in the health sector who are working around the clock to ensure that our people and community are safe. Although, this global pandemic is spreading rapidly as the days go by, we are confident that our government is taking unprecedented measures to minimize its impact on our nation”.
He continued to say: “despite the influence of this pandemic on the oil and energy business, ATC as a global trading company maintained uninterrupted operations and continued in performing its trading activities with the same level of reliability to its customers; leveraging its global offices in London, Singapore and the United Arab Emirates”.
Establishment of Aramco Trading Limited
London, February 25, 2020 - Aramco Trading Company (ATC) announces the establishment of its London subsidiary - Aramco Trading Limited (ATL).
ATL will be at the forefront of ATC’s business activities in Europe and extended ATC’s operational reach to cover North and West Africa as well. ATL is now the third international office for ATC alongside Aramco Trading Fujairah and Aramco Trading Singapore.
“With the establishment of our London entity, we are pleased to now have a firm presence in Europe which will serve as the launching pad for our operations in Africa and the Mediterranean region,” said Mr. Ibrahim Q Al-Buainain, President and CEO of ATC.
He added: “Europe is an important market for ATC and the ultimate goal for ATL is to explore and develop new partnerships and opportunities with our clients in Europe, North and West Africa.”
ATL will be led by Mohammed A. Kadi and supported by an experienced team to service to ATC’s existing and potential customers in the region. The ATL office in London was inaugurated by Saudi Aramco’s Senior Vice President of Downstream, Abdulaziz Al-Gudaimi.
Aramco Fully Restores Oil Output as It Recovers From Attacks
Saudi Aramco is producing more than 9.9 million barrels a day of crude as it fully recovers from the worst-ever attacks on its energy infrastructure.
Output reached that level on Sept. 25 and is a “little bit” higher now, Ibrahim Al-Buainain, chief executive officer of state-owned Aramco’s energy trading unit, said at Fujairah in the United Arab Emirates. Saudi Arabia has also restored some spare capacity following the Sept. 14 attacks, he said.
The aerial attacks highlighted the fragility of global supply chains and the vulnerability of an industry that is Saudi Arabia’s lifeblood. They also underscored the risk to reliable energy flows from the Persian Gulf after a series of tanker bombings in May and June.
“On the 25th, yes, we reached that target of production,” he said. “We produce depending on the market and depending on capacity, so actually we are a little bit higher than this.” Aramco is maintaining crude exports at about 7 million barrels a day and pumping more than it did before the aerial strikes as it replenishes stockpiles, he said.
Aramco has said it’s committed to meeting demand from all of its customers and didn’t miss any contracted shipments. Oil markets surged after a swarm of explosives-laden drones and missiles struck some of Saudi Arabia’s biggest processing plants, knocking out about 5% of global crude supply.
Al-Buainain had initially expected the attacks to push oil prices higher by $10 a barrel. While Brent surged as much as $11.73 on the first trading day after the attacks, it has since given up most of that gain as Aramco quickly restored capacity and production and global demand remains a concern. Brent crude was $59.68 a barrel at 9:11 a.m. in Dubai, trading below the close on the day before the surprise assault.
Aramco is building redundancy into its systems that allowed the company to be resilient after the damage to the Abqaiq processing plant and Khurais field, Al-Buainain.
It cut refinery runs at home in the days following the strikes to make more crude available to customers, while offering some of those buyers alternative grades to meet its supply commitments. Aramco Trading, which Al-Buainain heads, also bought refined products on the market, ostensibly to make up for any fuel shortfalls at home.
However, Al-Buainain said Aramco Trading was operating normally, without needing to buy alternative refined fuels to meet domestic demand or crude to supply international refinery ventures.
Aramco Trading, officially known as Saudi Aramco Products Trading Co., buys and sells crude produced in other countries and procures non-Saudi oil for the company’s joint-venture refiners.
Aramco Trading Presents New Silk Road CEO of Year Award 2019 to ADNOC CEO
Fujairah, UAE, Oct. 1, 2019 - The Aramco Trading New Silk Road CEO of the Year Honorary Award 2019 was presented to H.E. Dr. Sultan Al Jaber, Minister of State & Group CEO of ADNOC, by Mr. Ibrahim Al-Buainain, CEO, Aramco Trading, in the presence of H.H Sheikh Mohammed Bin Hamad Al Sharqi, Crown Prince of Fujairah.
This prestigious annual award was inaugurated in 2017 to recognize the industry leaders who are pioneering the connectivity of the international energy industry across the New Silk Road from Asia to the Middle East and Africa. Much of this economic integration is built on a foundation of physical energy supply stretching from the producing fields of the Arabian Peninsula to the massive consuming population centers of Asia, and hence the New Silk Road CEO of the Year Award lauds individual winners in four separate sets that underpin this ancient mercantile corridor: Trading – Refining – Ports – Storage.
AThe Honorary Award category was added to the grouping to acknowledge the stand-out Chief Executive who made the most significant impact across all four of the celebrated energy sectors of Trading, Refining, Storage & Ports over the previous year. ADNOC’s pioneering activities in 2019 included the establishment of a joint-venture trading company with Eni and OMV, and they also signed an agreement with South Korea's SKEC to build the world's largest single underground project for oil storage.
“In the 16 months since H.E. Dr. Sultan unveiled the ADNOC Downstream Strategy, scarcely a month has gone by without a major announcement on the latest piece in the company’s downstream jigsaw puzzle that stretches from the Middle East to Asia,” Mr. Al-Buainain said while introducing the 2019 Honorary Award nominee. “This determination to never put off until tomorrow what you can deliver today has been a signature characteristic of Dr. Sultan throughout his career,” he said.
The New Silk Road CEO of the Year Awards are hosted by Aramco Trading Company, and produced by Gulf Intelligence Under the Patronage of H.H. Hamad bin Mohammad Al-Sharqi, Member of the Supreme Council and Ruler of Fujairah -- the four individual category winners for 2019 were presented their Awards last night at a Gala Dinner ceremony in Fujairah.
AH.E. Admiral Mohab Mohamed Hussein Mamish, recently retired Chairman of Egypt’s Suez Canal Authority, led the class of 2019, which also included Mr. Arif Mahmood, CEO of Downstream, PETRONAS, who was recognized in the field of oil Refining. Mr. Thomas Waymel, President of Trading & Shipping for TOTAL, received the 2019 Award for energy Trading, and Mr. Roger Chia Kim Piow, Founder & Chairman of the Rotary Group of Companies, received the trophy for the advancement of oil Storage capacity on the New Silk Road.
APPEC: ATC Expects an Increase in Oil Trading Volume to 6 Million Barrels Per Day by 2020
Singapore- Saudi Aramco Products Trading Company’s (ATC) President, and CEO Mr. Ibrahim Al-Buainain spoke at the 34th Annual Asia Pacific Petroleum Conference. According to the companies top official’s interview on Monday, ATC expects to increase its oil trading volume to 6 million barrels per day by 2020, 50 percent higher than current levels.
President and CEO, Mr.Al- Buainain touched on subjects such as IMO 2020, ATC’s future trading volumes, and ATC’s objectives for setting up trading operations in Singapore.The company currently trades 4 million b/d of refined products and crude, including volumes from the US. ATC sees Asia as their key growth market.
As for the Singapore office, Mr. Al-Buainain said he expects the company’s office to gain up to 40 more employees within the next two years. The company plans to launch LNG trading in Singapore, "We would like the Singapore office to be a hub for our LNG trading, so we are building capacity," he said, in addition, Aramco Trading plans to trade physical LNG cargoes mainly out of Singapore. Moreover, the company plans on opening offices in Europe. Mr. Al-Buainain believes that ATC will establish an office in either Geneva or London by the second half of next year.
According to Mr.Al-Buainain, ATC is expecting to benefit from a switch by ships to cleaner fuels in 2020.“The second-hand effect of the IMO is the oversupply of high-sulfur fuel oil (HSFO) which in our case is a positive because we are net short on fuel oil and that will help us in meeting our requirements (for HSFO) in power generation,” he said.
In 2012, ATC was established to market refined products, base oils, and bulk petrochemicals. Beginning with refined products from its overseas refineries in the past years, leading them to introduce trading non-Saudi crude oil in 2017 as the world’s largest oil exporter successfully optimizes profits.
Aramco Trading Service Award ceremony
Aramco trading headed by its CEO Mr. Ibrahim Al-Buainain has rewarded its employees for their service award during a celebration that took place on 22-JAN-2018 at the North Park Auditorium, Dhahran Saudi Arabia.
Mr. Al-Buainain congratulates all of the employees and wishes them more success in their future.
Aramco Trading Company recognized for helping pave the New Silk Road
Fujairah, UAE — The New Silk Road is an increasingly popular term referring to an emerging network of infrastructure, enhanced transportation routes, and widening economic and energy corridors between the Far East and Europe, with the Arabian Gulf region as the geographical nexus enabling this growth.
For its part, the Gulf region has particularly seen growth in a number of industrial sectors specifically contributing to the development of its role as a world-class trading hub for energy.
Against this backdrop, Saudi Aramco’s wholly owned trading arm, Aramco Trading Company (ATC), has emerged as a regional leader, as was evidenced recently when ATC president and CEO Ibrahim Q. Al-Buainain was named 2017 New Silk Road CEO of the Year for Trading at a gala dinner in Fujairah.
The New Silk Road CEO of the Year Awards were developed to celebrate a new wave of economic integration between the Arabian Gulf region and the Far East, and to recognize the pioneering industry leaders who are at the forefront of what is being seen as a revival of the ancient Silk Road trade route, according to Sean Evers of Gulf Intelligence — a strategic communications and research firm. Evers is the founder and chairman of the award.
The 2017 inaugural awards are the result of a lengthy and rigorous selection process where candidates were nominated by international stakeholders operating across the New Silk Road in the areas of energy trading, storage, shipping and ports, and refining.
A diverse range of industry experts scored the nominees on four attributes: impact, leadership and partnership, innovation and creative thinking, and long-term vision. The top five nominees from each sector were then placed on a shortlist, which was passed on to a wider industry audience of more than 2,000 executives and officials operating in the New Silk Road downstream energy sector to vote for the top candidates.
Award a reflection on ATC employees
In accepting the award, Al-Buainain pointed to the rapid growth and success of ATC, crediting the employees as the drivers of that success.
“It is indeed a great honor and privilege to join such esteemed colleagues and the distinguished industry leaders that are being recognized here today,” said Al-Buainain. “But to me, this award is more a reflection of the talent and determination of all the employees and members of the Aramco Trading Company team, for it is through their hard work that I stand before this audience and celebrate the role that ATC plays in building the New Silk Road.”
Since its establishment in January 2012, ATC has emerged as a leading and fast-growing global trading company. The company’s steady growth includes the achieved annual traded volumes, products portfolio, geographical coverage, market share, and performance reliability, in addition to the commercial support extended to Saudi Aramco’s downstream system, including international joint ventures.
ATC’s mission is to integrate Saudi Aramco’s global downstream to maximize profitability and ensure that Saudi Aramco’s operations are optimized and reliably balanced. ATC’s long-term vision is to become one of the top three trading powerhouses through the integration of Saudi Aramco’s downstream assets.
Aramco Trading Organized a Campaign for Distribution of Ramadan Food Baskets to Needy People 2017
As part of the community Services activities, Aramco Trading Company (ATC) organized a campaign for distribution of Ramadan food baskets to a number of needy families in eastern province. More than 70 baskets that contain basic food items were distributed in coordination with Dareen Island charity Association. Baskets have been distributed to more than 60 Families. ATC aims is to help underprivileged people who are in need by bringing joy and happiness to their hearts and to promote brotherhood and social solidarity.
Aramco Trading launches website
Saudi Aramco Products Trading Co., the trading arm of Saudi Aramco’s downstream operations, marked a new chapter in the company’s history with the launch of its website (www.aramcotrading.com) on April 27.
“This is a great moment for Aramco Trading,” said Hanan M. Olayan from the Aramco Trading operations team. “This will open the door for future opportunities for our company through a platform that tells the Aramco Trading story.” The company’s story began in 2010, when the Saudi Aramco Board of Directors established it as a subsidiary. By January 2012, the company began trading refined, liquid chemical, and polymer products. The affiliate hit the ground running, managing a daily average of 680,000 barrels of products within the first months of operations internationally, then adding gasoline storage and blending to their list of services by 2013. It now trades about 1.5 million barrels of refined, liquid chemical, and polymer products every day across the globe — including Europe, the Americas, Africa, Asia, and the Middle East. The company utilizes a fleet of more than 40 vessels that embark on more than 1,190 voyages per year. The company now offers its international such clientele services as gasoline storage and blending, fuel oil storage and blending, shipping, and financial services in the form of hedging. Expanding at a steady rate of 22% per year — the company continues to grow. “I want to thank every member of the Aramco Trading family for their contribution to the company’s success over the past five years,” Ibrahim Al-Buainain, Saudi Aramco Products Trading Co. CEO, said in his message on the website. The company is composed of a diverse workforce, with more than 15 nationalities represented and women comprising 17% of its employees. “Aramco Trading’s most important asset is its people. Without this group, we would not be where we are today,” said Al-Buainain.