Aramco trading arm to handle around 4 mil b/d of crude and products in 2022: CEO

Saudi Aramco's trading arm expects to handle around 4 million b/d of crude and products in 2022, depending on market dynamics, the CEO told S&P Global Platts on Feb. 15.

"Currently we are at 4 million b/d," Ibrahim al-Buainain, CEO of Aramco Trading Co., said on the sidelines of Egypt Petroleum Show in Cairo. "This year will depend on how the market evolves but will be around that range, third party and system as well."

ATC signed an agreement with Egypt's Red Sea National Petrochemicals Co. for long-term supply of 100,000 b/d Arabian Crude. The agreement includes a provision for offtake of refined and petrochemical products. The products will be delivered to the $7.5 billion planned refining and petrochemical complex, which will be built at the Suez Canal Economic Zone in Ain Sokhna.

The deal will help Aramco to "maximize liquid-to-chemical conversion" as part of its ongoing strategy, ATC Chairman Mohammed al-Qahtani said in a statement.

The planned refinery at Ain Sokhna is expected to have a liquid-to-chemical conversion rate of around 60%-70%.

The products supplied by ATC will meet domestic requirements and will also be used for export.