Abu Dhabi National Oil Company (ADNOC) has started trading at the first trading arm out of two it has planned.
The ADNOC Trading (AT) will focus on crude oil and has begun derivatives trading as a direct market participant. It has started trading, according to the company, although there was no information on the exact date.
The second one is ADNOC Global Trading (AGT), a joint venture with Italy's Eni and Austria's OMV which will focus on trading refined products from Adnoc's 817,000 bpd Ruwais refinery complex. It was originally to start trading operations in the second quarter but was postponed by the hiring delays and logistical complications caused by the coronavirus pandemic.
Both units will be based in Abu Dhabi's financial free zone, Abu Dhabi Global Market.
"ADNOC's marketing arm is moving from a supplier that customers historically collected products from, to a more customer and market-centric, shipping & integrated logistics, storage and trading organization," the company said.
