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 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.
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.
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.