A second trading arm of Abu Dhabi National Oil Company (ADNOC), ADNOC Global Trading (AGT) has officially begun trading ADNOC refined products.
AGT is a joint venture between ADNOC (65%), Italian energy company Eni (20%) and Austrian oil and gas company OMV (15%), set up to trade refined products globally. ADNOC announced that it was launching two trading units earlier in the year and ADNOC Trading, which focusses on crude oil, began operations on 30 September 2020. Both units are based in Abu Dhabi’s International Financial Centre at Abu Dhabi Global Market (ADGM).
AGT will trade light and middle distillates, including jet, naphtha, diesel, gasoline and speciality products. It offers a range of integrated services to customers and will work closely with ADNOC Logistics and Services to provide access to ADNOC’s global shipping and storage network. The company says that traders will be able to offer bespoke packages including global delivery, shipping and storage of refined products. ADNOC expects AGT to expand its reach into new markets and to new customers.
AGT will also coordinate with ADNOC Trading to ensure non-system feedstock supplies to ADNOC Refining, and will working with ADNOC Refining to support refinery optimisation, enhance decision making for production flows and provide better insights into pricing and market opportunities. Trading teams include experienced traders and local talents with in-depth knowledge of local markets and customers. Specially developed policies, IT systems and procedures will allow safe and responsible trading activity.
AGT held a virtual launch event on 8 December 2020 which was officially opened by ADNOC CEO Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, alongside Eni CEO Claudio Descalzi and OMV CEO Rainer Seele.
‘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 nationals while unlocking additional revenue streams for ADNOC and the UAE,’ says Al Jaber.