Abu Dhabi state energy firm Adnoc announced on 30 September that subsidiary Adnoc Trading (AT) “has started derivatives trading as a direct market participant.” Adnoc calls the development a “major milestone for the company, as it moves from being a traditional marketer of its products to a more sophisticated global trader.”
AT will focus on trading crude oil. Meanwhile, Adnoc Global Trading (AGT: Adnoc 65%, Eni 20%, OMV 15%) will focus on trading refined products from Adnoc’s 922,000 b/d refining fleet once it starts up “in the coming months”. Both trading units are located in Abu Dhabi’s International Financial Centre at Abu Dhabi Global Market (ADGM). (CONTINUED - 206 WORDS)