Saudi Aramco executives are meeting in Singapore this week to finalise the setting up of a trading unit for refined petroleum products by the end of this year as the world's top oil producer seeks to expand business beyond traditional term clients.

Saudi Aramco Product Trading Company (Aramco Trading), as the unit will be known, will start operations with about 100 professionals, most current Aramco employees, a trading source with knowledge of the situation said on Thursday.

All employees will initially be based in Dhahran, Saudi Arabia. The company is also interviewing external candidates for some trading positions, another source said. – Reuters