Aramco imports more gasoline for July
Khobar, June 25, 2011
State oil giant Saudi Aramco bought another three cargoes of gasoline this week, traders said, bringing the total already secured for delivery in July to six.
"Aramco is buying a cargo every other day, virtually," a Gulf-based trading source said. "The total for July will be much more than six."
Aramco's purchases for gasoline to be delivered in July could eventually reach 15 cargoes, or some 500,000 tonnes, a second source said. "They have bought six (cargoes) already for July delivery and are looking for more," he said.
The sales prices of the cargoes, exact delivery dates and suppliers of the fuel were not immediately available.
The kingdom is the world's largest crude oil exporter but is short of gasoline and relies on imports to meet domestic fuel needs.
It typically buys between 60,000-70,000 barrels per day, traders say, with demand usually soaring in summer.
The first source said Aramco bought 16 gasoline cargoes for delivery in June. A standard gasoline cargo is 33,000 tonnes or around 280,000 barrels.
One source said a partial shutdown of the 400,000 barrel per day PetroRabigh refinery had also helped spur Aramco buying.
"PetroRabigh has increased their volumes," a third source said. "And they want to make sure their tanks are full before the Ramadan in August."
The refining and petrochemical complex on the Red Sea coast of Saudi Arabia was shut from April 21 for nearly two months of planned maintenance.
PetroRabigh's high olefin fluid catalytic cracking unit is expected to be in operation by mid-July.-Reuters