Aramco Trading, Saudi Aramco’s trading subsidiary, has signed an agreement to supply Arabian crude oil to Poland’s leading refiner, PKN Orlen, in exchange for a similar volume of high sulfur fuel oil from the Polish refiner
The agreement demonstrates the strategy of Saudi Aramco to set crude oil volumes across different geographies, maintaining a healthy balance between third-party customers and affiliated outlets.
The deal paves the way for further expansion of Saudi Aramco’s well-established partnership and collaboration strategy while diversifying PKN’s crude oil supplies and securing new outlets for their products.
The agreement was signed by Aramco Trading’s president and CEO, Ibrahim Al-Buainain, and PKN Orlen's executive trading director Grzegorz Markiewicz.
The increasing number of strategic partnerships established through refining, chemical and marketing activities reinforces the downstream growth ambitions of Saudi Aramco and reinforces its successful efforts to span the length of the value chain. The increased European presence also positions Saudi Aramco in favour of supplying the European market with critical feedstock.
In addition, the agreement consolidates Saudi Aramco’s efforts to allocate new strategic crude oil outlets enabling the company to accommodate a range of future market positions as well as underpin an optimal geographic exposure balance between Asia, Europe, and North America.
PKN Orlen has a pre-existing crude oil supply agreement with Aramco Trading’s parent company, Saudi Aramco, which provides Poland’s leading refiner with 74 mbd Arabian crude oil.
