MONTE 1

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Saudi Aramco ships oil from Rotterdam to Yanbu

Saudi Arabian Oil Co., or Saudi Aramco, is shipping fuel oil from Northwest Europe to the Red Sea to meet Saudi Arabia's peak domestic summer demand, taking advantage of arbitrage economics that have been favorable up until recently. The first cargo from Rotterdam this year - believed to have been bought from Litasco - aboard the 100,000-deadweight-ton Montego is due to land at the Red Sea port of Yanbu this week, and the company is on the hunt for a second cargo in Europe, but a deal has yet to be finalized, several traders said. "They are just taking advantage of being able to land Rotterdam barrels into the Red Sea more cheaply than their own Middle East barrels," said a senior European fuel oil trader. http://www.hydrocarbonprocessing.com/Article/3057778/Latest-News/Aramco-ships-Europe-fuel-oil-to-Red-Sea-eyes-more.html