(MENAFN) The chief executive officer for Saudi Aramco revealed its trading unit to have begun exchanging crude oil for products refined in other countries, offering an opportunity for new markets.
In the Mediterranean region, Aramco has provided crude to refines in exchange for fuel, Saudi Aramco Products Trading Co's chief executive officer Ibrahim Al-Buainain confirmed.
He further explained the objective to be carrying out further processing agreements, as the refined products were selling in North Africa, Europe and the Kingdom's west coast.
The chief stated "in the Mediterranean there is plenty of spare refining capacity, that's creating opportunities for trading."
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