ConocoPhilips said it will expand its global oil trading activities to strengthen its position across this part of the industry, according to industry sources.
The plan is expected to help the company increase its share in global oil trading and its participation in markets such as crude oil and refined products where it does not have substantial oil production or processing assets, reports Reuters.
The expansion plan is a key factor in the recent reorganisation of the ConocoPhilips's trading arm, which involved centralisation of most of the company's risk-taking trading in London.
The company's downstream activity has mostly concentrated on the US, even though it has three refineries in Europe, a stake in a plant in Germany and a refinery in Malaysia.
The expansion plan is expected to help the company gain a competitive edge in the global oil market bringing it on par with other major oil companies, which have advanced global trading arms that capitalise on daily oil output across the globe.