Adnoc joins the trading party
The Middle Eastern NOC’s new trading venture adds to the oil market’s evolution, and potentially to the pressure on middlemen
Abu Dhabi's state-owned Adnoc inked a deal with Eni and Austria's OMV in late January that gave the European IOCs stakes in both its refinery arm and in a new trading venture to manage refined product exports. Eni will take a 20pc stake in Adnoc Refining and OMV 15pc, although no information has been given on whether the trading venture will have the same ownership structure. Physical and derivative trading is slated to begin in 2020 "when all necessary processes, procedures and systems are in place". According to Adnoc, Eni and OMV will provide it with know-how, operational experience and support to accelerate the development of the trading joint venture, enabling all partners to optimise t
Also in this section
24 June 2025
The country’s latest licensing round attracted bids from IOCs and NOCs in a better showing than its last outreach to bidders
24 June 2025
Africa’s second-largest oil producer is creating the right conditions for the sector to try to boost output, explains Ian Cloke, COO of UK-based Afentra
24 June 2025
The takeover, if it gets the all-clear from regulators and other government authorities, would propel XRG and its parent firm ADNOC into the top tier of global LNG players
23 June 2025
Jet fuel will play crucial role in oil consumption growth even with efficiency gains and environmental curbs, with geopolitical risks highlighting importance of plentiful stocks
