1996 News Story

Saudi Aramco explores Portuguese connection

The Saudi Arabian oil company Saudi Aramco has signed a non-binding memorandum of understanding with the Portuguese oil company ‘Petrolius de Portugal, Petrogal SA’ and its shareholders, whereby the two sides will assess the possibility of setting up a partnership giving Saudi Aramco a major stake in Petrogal for a long-term commitment to import Saudi Arabian crude oil.   Petrogal is one of the biggest refining and marketing oil companies in Portugal, with a daily capacity of 304,000 barrels constituting 56 percent of local consumption and 2.5 percent of Spanish oil demand.  Saudi Aramco is the largest oil producing and exporting company in the world, and a leader in the refining industry.