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
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