Oil majors partner in new exchange listing ADNOC's Murban crude: ICE - Reuters:
International Exchange Inc said on Monday that oil majors including BP, Total and Shell would be partners in a new exchange it is launching in the United Arab Emirates next year to list Abu Dhabi National Oil Co’s (ADNOC) flagship Murban crude grade.
The Murban futures contract, to be hosted on the new ICE Futures Abu Dhabi (IFAD), would replace retroactive pricing, allowing buyers to hedge risks and capture more value from ADNOC’s oil output, CEO Sultan al-Jaber told an energy forum in the United Arab Emirates capital Abu Dhabi.
BP, Total, Inpex, Vitol [VITOLV.UL], Shell, Petrochina, Korea’s GS Caltex and Japan’s JXTG agreed to become partners in the new exchange, ICE chairman and CEO Jeffrey Sprecher told a news conference on the sidelines of the event.
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