The trading business is developed from three elements: arbitrations, information and risk. Arbitrations are the imbalances derived from the supply and demand of crude oil and products. These imbalances are the trigger that starts this activity.

“Where the opportunities for trading are born”.

Managing information about these imbalances shapes the opportunities emerging from arbitrations. The interpretation that each company makes of such information, its speed of reaction and its credibility in the market mean that the same arbitration is managed differently depending on who does it.

Finally, the risk level that each company is willing to assume is the alternative element in shaping this activity.

International crude oil and product prices are, by definition, volatile, so risk management becomes a key business factor. That is why the use of derivatives and futures instruments have become a crucial element.

“The development of the derivatives and futures markets has allowed to do things not possible previously, and each company to manage more easily the risks to be assumed.”

“The crisis in Europe means that less products and less crude are moved and that we are all looking, in terms of trading, towards Asia.”

Our short-term goal is to be more active in the US and Latin America, and then there is always Asia. Clearly, that is where the growth lies.