The Abu Dhabi National Oil Company (ADNOC) along with the Intercontinental Exchange (ICE) have celebrated the start of trading UAE’s Murban oil as Futures contract on the new ICE Futures Abu Dhabi (IFAD) commodities exchange (IFAD), according to a press release issued by ADNOC.
The celebration ceremony was attended by Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, ICE, ADNOC, Suhail bin Mohammed Al Mazrouei, Cabinet Member and Minister of Energy and Infrastructure, Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala Investment Company, Jassim Mohammed Buatabh Al Zaabi, Chairman of the Department of Finance, Awaidha Murshed Ali Al Marar, Chairman of the Abu Dhabi Department of Energy, Khalifa Al Suwaidi, Chairman of ICE Futures Abu Dhabi (IFAD), in addition to representatives of partner companies.
This action considers the latest step for ADNOC’s strategy to transform into more market and customer centric organization. The statement elaborated that by freely trading Murban, customers will have better price transparency, flexibility to hedge and manage risks and increased access to Murban crude. It added that nine major energy companies and traders are joining IFAD as founding partners including BP, GS Caltex, INPEX, ENEOS, PetroChina, PTT, Shell, Total and Vitol.