Aramco and Australia’s United Petroleum, an independent fuel company, sign a “non-binding memorandum of understanding”.
Aramco benefits from growing oil demand
The agreement focuses on the potential for long-term supply and storage of refined products.
In particular, it is in line with the 10% year-on-year fall in Australian oil imports.
While demand is growing.
However, Aramco has disclosed neither the amounts nor the volumes it will supply to Australia, nor the supply deadlines.
However, logistical collaboration has begun.
This protocol will generate value for both companies involved.
Other business opportunities are also being explored.
