ADNOC sets up trading arm

Abu Dhabi

ABU DHABI, April 23, 2018 – ADNOC has established a unit to engage in non-speculative trading within its directorate for marketing, sales and trading, the Abu Dhabi NOC announced on Monday.

The unit will trade in crude oil and refined products, helping the company achieve its 2030 strategy, the company statement added.

“As ADNOC grows and expands its upstream and downstream businesses, we will produce more products, and in turn, our marketing, sales and trading function will play an even more critical role,” said Sultan Ahmed Al Jaber, UAE minister of state and ADNOC Group CEO. “Engaging in non-speculative trading will allow us to maximise value from our domestic and, over time, international downstream operations.”

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