The strategy of dealing in Saudi crude is a change for Aramco Trading, which previously bought and sold mostly fuels like gasoline, diesel or fuel oil. REUTERS
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Saudi Aramco's trading unit started swapping the kingdom's crude oil for products refined in other countries, allowing the company to tap new markets, according to its chief executive officer.Aramco has stakes in 5.4 million barrels a day of refining capacity in Saudi Arabia to South Korea and the U.S. The company aims to double that capacity within a decade even as it battles other crude producers for market share.The wholly owned trading unit of Saudi Aramco has done at least two processing deals with Saudi crude and it's also traded crude and condensate produced in other countries, Buainain said. Aramco Trading handles about 1.5 million barrels a day of refined fuels, and wants to increase that to more than 2 million barrels, Buainain said in May.
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