Officials at state-owned Abu Dhabi National Oil Company (ADNOC) said the company would launch ADNOC Global Trading (AGT) in the next couple of weeks. AGT is a joint venture between ADNOC, Austria’s OMV, and Italy’s Eni that will focus on oil products trading. It will trade refined products made by ADNOC at its 817,000 bpd refining complex in Ruwais. The launching is initially scheduled in the second quarter of 2020, but the coronavirus pandemic forced the companies to push back the timetable.
ADNOC has also already launched ADNOC Trading (AT) on September 30, which will focus on trading crude oil. AGT will be based in Abu Dhabi and will begin trading activity in December. ADNOC plans to expand AGT’s global presence, including in Singapore, Europe, and the US. The diversification into trading is part of ADNOC’s efforts to create new revenue streams.
ADNOC also hopes to benefit from the current market environment to expand its shipping capabilities. Subsidiary ADNOC Logistics & Services is increasing the number of its carriers to meet ADNOC’s growing requirements as a result of its upstream and downstream expansion, and its diversification into trading. The fleet now consists of six crude tankers and two vessels capable of transporting oil or chemicals.
