Aramco Trading Company Launches London Subsidiary | Rigzone
Aramco Trading Company (ATC) has announced the establishment of a London subsidiary called Aramco Trading Limited (ATL).
ATL will expand ATC’s global portfolio and will provide a “vital” business and operational link between Europe and the Americas, ATC outlined. ATL is the third international office for ATC alongside Aramco Trading Fujairah and Aramco Trading Singapore.
The new subsidiary will be led by Mohammed A. Kadi. The ATL office in London was inaugurated by Saudi Aramco Senior Vice President of Downstream, Abdulaziz Al-Gudaimi.
“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,” Ibrahim Q Al-Buainain, president and CEO of ATC, said in a company statement.
“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,” he added.
In October 2010, Saudi Aramco’s board of directors approved the establishment of ATC as a wholly owned subsidiary. ATC is now the lead premier trading company in the Middle East, according to the company’s website.
ATC initially started operations focusing on the trade of refined products, blending components, bulk petrochemicals and polyolefins, its website shows. Now, it focuses on refined products and blending components, ATC’s website outlines.
Saudi Aramco describes itself as a leading producer of the energy and chemicals that drive global commerce and enhance the daily lives of people around the globe. Earlier this week, the company revealed that it had signed 66 Memoranda of Understanding and strategic and commercial collaborations worth more than $21 billion.
Aramco noted that the deals were made with international partner companies and entities from 11 countries in several industrial and business segments across the Saudi Arabian energy sector.
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