Abu Dhabi’s state-owned Adnoc has launched its new oil-products trading joint venture, Adnoc Global Trading (AGT).
Adnoc said AGT “will offer a broader range of integrated services, with new delivery, pricing and hedging options”.
The company has substantial storage capacity in the UAE, Japan and India, and a 10 percent stake in global storage terminal owner and operator VTTI, giving it access to storage in some of its key export markets in Asia-Pacific, Africa and Europe in addition to its main storage hub at the UAE port of Fujairah.
The venture with Italy’s Eni and Austria’s OMV will focus on trading light and middle distillates, as well as speciality products from Adnoc’s domestic 817,000 b/d Ruwais refinery complex.
By moving into trading, Adnoc hopes to create new revenue streams from the sale of its growing crude and refined products portfolio — one of the key goals under its 2030 strategy. The company produces more than 40mn t/yr of refined products and petrochemicals feedstock at Ruwais.
It has also set out ambitious plans to expand that refinery and to build a separate greenfield 400,000 b/d facility at the complex geared towards petrochemicals. The expansion is central to Adnoc’s strategy of stretching the margin from each barrel of oil it produces.
For more information visit www.adnoc.ae