The Abu Dhabi National Oil Company (ADNOC) announced the official launch of its second trading arm ADNOC Global Trading (AGT), which is a joint venture (JV) between ADNOC, Eni and OMV, with shares of 65%, 20% and 15%, respectively, and focuses on trading refined products globally, a press release reported.
AGT will work closely with ADNOC L&S company to provide greater access to ADNOC global network of shipping and storage solutions. Traders will be able to offer detailed arrangements including global delivery, shipping and storage of refined products where they are needed.
Sultan Ahmed Al Jaber, ADNOC’s CEO, expressed his pleasure with such event considering it as an important milestone in the delivery of 2030 smart growth strategy. “Together with our partners Eni and OMV, our new trading entity expands the reach of our products to new markets and new customers. AGT will enhance the skills of our people by combining experienced traders with the next generation of bright home-grown talent, creating new and exciting opportunities for UAE nationals while unlocking additional revenue streams for ADNOC and the UAE,” Al Jaber said.
For his part, Eni’s CEO, Claudio Descalzi, commented “The launch of this new global trading company represents an additional strategic step in our partnership with ADNOC and OMV, a partnership that is stronger and better able to face market dynamics.”
Additionally, Rainer Seele, OMV’s CEO said “ADNOC Global Trading will unlock an additional level of integrated value creation for its partners. This is especially important as we expect the oil, gas and derivatives markets to remain volatile.”