Saudi opens new oil products trading company
* Aramco Trading to move 1.5 million bpd
* Deals in physical oil, paper and derivatives trading
By Peg Mackey
LONDON, May 10 (Reuters) - Saudi Arabia, the world's largest oil exporter, has long been a dominant force in the oil market - but has never been an oil trader.
That's changing now as Riyadh seeks to capitalise on its refining strength and run its own oil trading book - buying and selling gasoline, gas oil and other fuel to balance the needs of its expanding system, and to turn a profit.
A new Saudi state-owned company, Aramco Trading, is even venturing into derivatives such as futures and paper trading, a significant cultural change given Riyadh's deeply conservative business culture.