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Saudis Buy Dutch Oil Storage in Effort to Gain European Market Share
A Saudi Aramco subsidiary is buying a 16.7% stake in the Maasvlakte Olie terminal in Rotterdam from commodities trader Gunvor, in a move to expand its share of the Russia-dominated North-western European market, Reuters reports. The terminal is comprised of 39 tanks of crude oil with a total capacity of 28M barrels according to the International Energy Agency, making it one of the world’s largest hubs. Saudi Arabia and Russia have closely cooperated on the production cuts aimed to rebalance the oil industry, however competition between the two sides has increased over the last few years, due to a dampening of US demand for foreign oil caused by soaring US shale production, as well as the fact that both countries produce sour grades that refiners can switch between.