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Saudi Aramco Plans Trading Expansion, Buys Non-Saudi Crude
Saudi Aramco plans to amplify its global trading business by trading non-Saudi crude, a move aimed in boosting the company’s profit as it prepares to issue what could be a record IPO, Reuters reports. The company is in the process of performing structural changes, putting crude marketing and refined product trading under the same management. According to the head of the operation, this will enable the enlarged unit to trade crude it does not own, becoming involved in the trading of third-party crude and being in better position to supply refineries more efficiently.