UAE - Mubasher: ADNOC Trading, one of the new trading entities of Abu Dhabi National Oil Company (ADNOC), has started derivatives trading as a direct market participant, transforming the company from a traditional marketer of its products to a global trader.
ADNOC has established two trading units, comprising ADNOC Trading which focuses on crude oil and ADNOC Global Trading (AGT) which is a joint venture between ENI and OMV that focuses on refined products.
ADNOC Trading has begun its operations, while AGT is preparing the required processes, procedures, and systems to begin operations in the coming months.
Headquartered at Abu Dhabi’s International Financial Centre at Abu Dhabi Global Market (ADGM), the new trading entities are part of ADNOC's broader transformation in its customer-facing Marketing, Supply, and Trading directorate (MS&T).
The UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al Jaber, said: "The opening of our trading offices at Abu Dhabi Global Market (ADGM) further reinforces its position and reputation as a leading and growing commodities trading hub for our nation and the Middle East region."
The Executive Director of ADNOC’s MS&T and Chairman of ADNOC Trading, Khaled Salmeen, noted: "In the weeks and months ahead, Trading will become integral to how ADNOC manages its business, helping us to better manage our product flows, deliver greater efficiencies, and provide our customers with a broader service and more integrated solutions."