Aramco Trading signs fuel deal with Australia's United Petroleum | Reuters
Aramco Trading Company (ATC) said on Wednesday it has signed an agreement with Australian retailer United Petroleum for potential long-term fuel supply, product storage and other business opportunities.
Australia, which is already the largest fuel importer in the Asia Pacific, is a hot target market for fuel exporters as its domestic refining capacity has dwindled over the years.
The companies signed a non-binding memorandum of understanding (MOU) under which ATC intends to explore refined fuel sales to United Petroleum to meet fast-growing demand in Australia.
"Through this MOU, we hope to advance the vast opportunity for growth in United Petroleum's distribution networks across Australia and elsewhere," ATC President and Chief Executive Officer Ibrahim Al Buainain said in a statement.
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