Abu Dhabi National Oil Company (ADNOC) on Monday said it establishing a new trading unit within its marketing, sales and trading directorate to maximise profits from every barrel of crude and refined products.
Abu Dhabi National Oil Company (ADNOC) on Monday said it establishing a new trading unit within its marketing, sales and trading directorate to maximise profits from every barrel of crude and refined products.
The unit will introduce and manage non-speculative trading to further maximise value from every barrel of crude oil and refined product that is produced and marketed by the company, ADNOC said in a statement.
As ADNOC accelerates delivery of its 2030 strategy, the trading unit will capitalize on the size and scale of the company’s crude oil and refined products portfolio, the flexibility within ADNOC’s refining system, and will leverage synergies and integration opportunities across its downstream value chain.
H.E. Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “As ADNOC grows and expands its upstream and downstream businesses, we will produce more products, and in turn, our marketing, sales and trading function will play an even more critical role. Engaging in non-speculative trading will allow us to maximise value from our domestic and, over time, international downstream operations.
“By utilising the flexibility in our downstream production facilities, accessing market opportunities and optimising our supply chain, particularly to key growth markets, we aim to capture more value further along the value chain. Proactively managing our crude oil and refined product flows across key geographies, combined with the optionality provided by our first-class assets and geographic location, will allow us to constantly optimise our operations, capture market opportunities, and secure the highest value.”
ADNOC will set out the roadmap for its downstream growth strategy when it hosts its Downstream Investment Forum, in Abu Dhabi next month, at which it will also provide details of co-investment opportunities across its downstream value chain for new and existing partners.
“Looking out over the next two decades, we anticipate the sharpest growth within the energy sector will be petrochemicals, with demand forecast to climb 150 per cent by 2040,” H.E. Dr. Al Jaber said. “To capitalise on this opportunity and make ADNOC more resilient against possible price volatility, our goal is to become a major global downstream player, creating a strong pull for our products, combined with the flexibility to respond quickly to shifting market needs.”
Source: Pipeline ME
