Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, has endorsed Abu Dhabi National Oil Company’s plans to expand its trading activities to support global energy security and boost the UAE’s position as an important player in global energy markets.
Sheikh Khaled, who visited Adnoc’s trading office at Abu Dhabi Global Market – the emirate’s financial free zone – reviewed the achievements of company’s trading businesses, Adnoc Global Trading and Adnoc Trading.
He stressed on the role of Adnoc’s trading businesses in strengthening Abu Dhabi’s position as a global trading hub while supporting the country’s growth into new energy and further diversifying the economy to continue driving sustainable economic development, Abu Dhabi Media Office said in a statement on Monday.
Launched in December 2020, Adnoc Global Trading is a partnership with European oil services companies Eni and OMV. The business, which is 65 per cent owned by Adnoc, 20 per cent by Italy’s Eni and 15 per cent by Austria’s OMV, aims to commercialise Adnoc’s refined products offering new delivery, pricing and hedging options to customers.
Over the past few years, Adnoc’s trading companies have unlocked “sizeable revenue streams” for the company, ADMO statement said.
Adnoc has also expanded its trading desks from refined products, such as gasoline, jet fuel, gas oil, naphtha and crude oil, to include liquefied petroleum gas, liquefied natural gas, biofuels, sulphur and carbon. It helped Adnoc to capture new market share and support the Emirates’ growth into new energy.
Adnoc has also established active trading offices in Singapore, expanded its trading operations with offices in Europe and plans to extend its operations to the US.
During his tour of the trading floor, Sheikh Khaled also met Emirati commodity traders and he was briefed on how Adnoc is equipping UAE citizens with skills in international commodity trading through its trading academy.
Adnoc Global Trading and Adnoc Trading employ more than 100 Emiratis, who are responsible for core trading functions, including physical trading, chartering for own flows and third-party volumes and derivatives trading including hedging.
Adnoc Global Trading trades refined products from Adnoc and other sources to the market, while Adnoc Trading is focused on the trade of crude oil and LNG and is active on Ice Futures Abu Dhabi, an independent futures exchange for the trade of Murban Futures contract derivatives.
Updated: July 01, 2024, 5:31 PM
