Aramco Trading Starts Selling Petro Rabigh Chemical Products
Saudi Aramco Products Trading Co., the fuel marketing unit of Saudi Arabia’s state oil producer, started selling products of an affiliated petrochemicals maker.
Aramco Trading will sell products including polypropylene and polyethylene made by Rabigh Refining & Petrochemicals Co. (PETROR), according to a statement on the state oil company’s website today. The company began physical deliveries of the first chemical products today, it said.
Saudi Arabian Oil Co., the world’s largest oil exporter, owns all of the marketing unit and 37.5 percent of the refinery, known as Petro Rabigh. Sumitomo Chemical Co. holds an equal share in Petro Rabigh, with the remainder traded on the stock market. The partners will sell equal amounts of Petro Rabigh’s products, according to a Petro Rabigh statement today.
Persian Gulf oil producers such as Saudi Arabia are boosting chemical output to diversify their economies away from reliance on crude sales for revenue by selling finished products like transport fuels and plastics. Aramco and Sumitomo plan to expand the Petro Rabigh plant and Aramco is building additional chemical capacity at Jubail on the Gulf.
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