Saudi Arabian national petroleum and natural gas company Aramco plans to become one of the top three oil traders by 2022 as part of its overseas strategy, the company's chief executive officer Amin Nasser (pictured center) said on Tuesday. In an interview for the Financial Times, Nasser explained that Aramco sees to supplant one of the current global trading leaders, such as BP plc, Royal Dutch Shell plc or the Vitol Group at the top of oil trading giants.
The targeted goal in the next three years is the sales of 6 million barrels of oil per day. The announced business expansion is aimed at revenue diversification and the possible market downturns mitigation. Aramco at the moment mostly sells petroleum products.
Nasser earlier today said that he believes the demand for oil will increase "substantially," and that the rise in demand will mostly be boosted by the transportation sector. Saudi Arabian Oil Company started pursuing international expansion recently, signing $10 billion joint ventures deal with Chinese firms and considering the investments in Russia and the United States, after the delay of the planned initial public offering.