ADNOC officially launches second trading arm

ADNOC officially launches second trading arm

UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has officially launched its second trading arm, ADNOC Global Trading (AGT).

ADNOC owns a 65% stake in AGT, while Eni and OMV hold stakes of 20% and 15%, respectively, according to a press release on Tuesday.

The ADNOC Global Trading will trade light and middle distillates on its trading books, including jet, naphtha, diesel, and gasoline.

Meanwhile, the trading company benefits from refined products of ADNOC Refining available to trade and sell, giving ADNOC products access to new markets and customers.

AGT will also cooperate with ADNOC Trading, a wholly-owned ADNOC entity focusing on crude trading, to purchase supplies from other oil companies for ADNOC Refining.

In addition, AGT will provide ADNOC with new delivery, pricing, and hedging options to further commercialise its refined product sales.

The UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, Sultan Ahmed Al Jaber, said: "Together with our partners Eni and OMV, our new trading entity expands the reach of our products to new markets and new customers."

The ADNOC Executive Director of Marketing, Supply, and Trading, Khaled Salmeen, commented: "Trading allows ADNOC to offer