The Abu Dhabi National Oil Company (ADNOC) has announced that it has officially launched its second trading arm, ADNOC Global Trading (AGT).
A joint venture between ADNOC, which holds a 65 percent stake, Eni, which holds a 20 percent interest, and OMV, which holds the remaining 15 percent stake, AGT focuses on the trading of refined products globally.
The new trading arm is said to offer a broader range of integrated services to its customers and enables ADNOC to further commercialize its refined product sales with new delivery, pricing and hedging options, according to the company. AGT will work closely with ADNOC L&S and its teams will trade light and middle distillates on their trading books, including jet, naphtha, diesel, and gasoline as well as speciality products.
AGT is said to have attracted global and local talent of the highest caliber from international trading houses, ADNOC Group companies and partners Eni and OMV. Each trading team consists of a combination of experienced traders and local talent, according to ADNOC.
ADNOC noted that AGT has become part of the growing International Financial Center at Abu Dhabi Global Market (ADGM), alongside ADNOC Trading, which completed its first derivatives trade a few weeks ago and ICE Futures Abu Dhabi (IFAD), which will launch Murban Futures on March 29, 2021, subject to the completion of remaining regulatory approvals.
“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