Australian petrol station operator United Petroleum has signed a non-binding Memorandum of Understanding (MoU) with Saudi company Aramco Trading Co (ATC).
ATC intends to explore the sale and supply of refined fuels to United Petroleum to meet growing demand in its network of facilities in Australia and elsewhere.
The MoU will cover potential long-term fuel supply, product storage, other business opportunities, and will assess additional areas of cooperation, both in the energy sector and other growth areas, with a view to generating long-term value for both businesses.
Avi Silver and Eddie Hirsch, United Petroleum owners, said with their growth expectations both domestically and internationally, they are very pleased to be signing this deal with ATC.
“Given ATC’s strength and oversight of the petroleum industry, we will have the ability to leverage their knowledge and collectively expand and enhance what we do. This is a very exciting opportunity for United Petroleum and ATC.”
Ibrahim Al Buainain, President and CEO ATC, said they are delighted to sign the MoU to further strengthen its relationship with Australian businesses and that they hope to advance the vast opportunity for growth in United Petroleum’s distribution networks across Australia and elsewhere.