ADNOC says new oil trading arm starts derivatives trading

AT will focuses on the trading of crude oil, while AGT, which is a joint venture with Italy's ENI and Austria's OMV

  
An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018.

An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018.

REUTERS/Christopher Pike

DUBAI- Abu Dhabi National Oil Company (ADNOC) said on Wednesday that one of its new trading entities, ADNOC Trading, has started derivatives trading.

"ADNOC has incorporated two trading units, ADNOC Trading (AT), which focuses on the trading of crude oil, and ADNOC Global Trading (AGT) a joint venture with ENI and OMV that will focus on the trading of refined products," ADNOC said in a statement.

AT will focuses on the trading of crude oil, while AGT, which is a joint venture with Italy's ENI and Austria's OMV will be trading in refined products, ADNOC said.

(Reporting by Rania El Gamal, editing by Louise Heavens) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: @RaniaElGamal10))

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