ADNOC launches second trading arm to fuel growth, focus on new markets, customers | ZAWYA MENA Edition
UAE's largest oil compnay, Abu Dhabi National Oil Company (ADNOC) has launched its second trading arm, ADNOC Global Trading (AGT), a joint venture between ADNOC (65 percent), Eni (20 percent) and OMV (15 percent) which focuses on the trading of refined products globally.
AGT is located at Abu Dhabi Global Market, alongside ADNOC Trading and ICE Futures Abu Dhabi (IFAD), which will launch Murban Futures on the 29th March 2021, subject to the completion of remaining regulatory approvals.
Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, 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 nationals while unlocking additional revenue streams for ADNOC and the UAE,” he added.
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