Aramco Trading, the trading subsidiary of Saudi Aramco, signed an agreement with Polish oil refiner PKN Orlen to supply Arabian crude oil in exchange for a similar volume of high sulfur fuel oil, Saudi Aramco announced Thursday.
According to the Saudi state-run energy company's statement, PKN Orlen has a pre-existing crude oil supply agreement in place with Saudi Aramco, which provides 74 million barrels of oil per day Arabian crude oil to Poland's premier refiner.
Saudi Aramco said the agreement paves the way for a further expansion of its partnership and collaboration strategy while diversifying PKN's crude oil supplies and securing new outlets for their products.
'The increased European presence also positions Saudi Aramco favorably to supply critical feedstock to the European market,' it added.
In addition, the agreement consolidates Saudi Aramco's efforts to earmark new strategic outlets for crude oil enabling the company to accommodate a range of future market positions, as well as underpinning an optimal balance of geographic exposure between Asia, Europe, and North America, according to the press release.
By Hale Turkes