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UAE's largest oil compnay, Abu Dhabi National Oil Company (ADNOC) has launched its second trading arm, ADNOC Global Trading (AGT), a joint venture between ADNOC (65 percent), Eni (20 percent) and OMV (15 percent) which focuses on the trading of refined products globally.
AGT is located at Abu Dhabi Global Market, alongside ADNOC Trading and ICE Futures Abu Dhabi (IFAD), which will launch Murban Futures on the 29th March 2021, subject to the completion of remaining regulatory approvals.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: “The go-live of ADNOC Global Trading marks another important milestone in the delivery of our 2030 smart growth strategy, and our focus on providing a better and broader service to our customers while driving growth and adding incremental value to our operations.
"Together with our partners Eni and OMV, our new trading entity expands the reach of our products to new markets and new customers. AGT will enhance the skills of our people by combining experienced traders with the next generation of bright home-grown talent, creating new and exciting opportunities for UAE nationals while unlocking additional revenue streams for ADNOC and the UAE,” he added.
From go-live, AGT offers a broader range of integrated services to its customers and enables ADNOC to further commercialize its refined product sales with new delivery, pricing and hedging options, according to a statement from the oil giant.
AGT will work closely with ADNOC L&S, the UAE’s leading shipping company, to provide greater access to ADNOC’s global network of shipping and storage solutions. Traders will be able to offer bespoke arrangements including global delivery, shipping and storage of refined products where they are needed, the statement said.
The ADNOC Global Trading teams will trade light and middle distillates on their trading books, including jet, naphtha, diesel, and gasoline as well as speciality products.
“Trading allows ADNOC to offer our customers new and additional services and tools, ultimately enabling both ADNOC and its customers to better manage pricing risks and derive more value from every barrel that we produce, refine, ship, and sell," Khaled Salmeen, ADNOC Executive Director of Marketing, Supply and Trading said.
(Writing by Seban Scaria; editing by Daniel Luiz)
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