Adnoc is merging its Downstream & Industry and Marketing, Supply & Trading units to form a Downstream Industry, Marketing & Trading Directorate effective 17 January. Ex-marketing chief Khaled Salmeen will head up the new directorate. Adnoc says the move will improve “performance, profitability and efficiency… help Adnoc provide a better service to its customers, while expanding its downstream operations.”
The move comes shortly after the start-up of two new Adnoc trading arms. Adnoc Trading started operations in September and trades crude oil, while the Adnoc Global Trading JV (Adnoc 65%, Eni 20%, OMV 15%) started up last month and trades refined products (MEES, 11 December 2020). (CONTINUED - 220 WORDS)