(EnergyAsia, December 9 2017, Saturday) — Saudi Arabia’s state-owned firm, Aramco, said it has started up its international trading subsidiary in Singapore to serve Asia’s growing oil markets.
Saudi Aramco Trading Singapore (SATS) will also provide trading and marketing services for its parent firm’s expanding refining and petrochemical output.
Citing consulting firm Wood Mackenzie, Saudi Aramco said Asia’s oil products demand is expected to top 41 million barrels per day (b/d) in 2035 from 32.6 million b/d in 2016.
“China and India is forecast to account for over 75%, or seven million b/d, of the demand growth in the Asia Pacific region,” it said.
Much of that oil demand increase will be driven by the region’s economic expansion, with its GDP seen growing by an annual average rate of 3.7% over the next two decades.