Aramco Trading Co, the trading arm of multitrillion-dollar Saudi petroleum giant Aramco, has inked a memorandum of understanding with Australian petrol station operator United Petroleum to supply fuels to its fast-growing network of service stations and also explore possible logistics collaborations.
The non-binding MOU with United Petroleum, a leading independent Australian petrol retailer and importer, covers potential long term fuel supply, product storage and other business opportunities.
Under the MOU, Aramco intends to explore the sale and supply of refined fuels to United Petroleum to meet fast-growing demand in its network of facilities in Australia and elsewhere. At the same time, Aramco Trading Co and United Petroleum said they would explore product storage and logistics collaboration, with a view to generating long-term value for both businesses.
There will also be an investigation into potential further areas of co-operation between the parties, both in the energy sector and other growth areas.
Aramco Trading chief executive Ibrahim Al Buainain said the MOU would further strengthen its relationship with the United Petroleum businesses.
“Through this MOU, we hope to advance the vast opportunity for growth in United Petroleum’s distribution networks across Australia and elsewhere.”
In a joint statement, United Petroleum owners Avi Silver and Eddie Hirsch said: “With our growth expectations both domestically and internationally, we are very pleased to be signing this MOU with Aramco Trading.
“Given Aramco Trading’s strength and oversight of the petroleum industry, we will have the ability to leverage their knowledge and collectively expand and enhance what we do.”
Business partners Mr Silver and Mr Hirsch began their careers in the petrol industry in 1981 by operating a group of service stations under the Astron banner. United Petroleum was later established in 1993 with the opening of service stations in South Australia.
Extracted from The Australian