Adnoc launches trading arm for refined products

Adnoc launches trading arm for refined products

The Abu Dhabi National Oil Company (Adnoc) has officially launched its second trading arm, Adnoc Global Trading (AGT), a joint venture between Adnoc (65%), Eni (20%) and OMV (15%) which focuses on the trading of refined products globally.

The AGT virtual launch event brought together leaders from Adnoc, Eni and OMV, as well as the leadership from several Adnoc Group companies, including Adnoc Logistics and Services (L&S), Adnoc Refining, Adnoc Trading and Adnoc Global Trading.

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc Group CEO opened the virtual forum alongside CEOs Claudio Descalzi of Eni and Rainer Seele of OMV.

Dr Ahmed Al Jaber 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