The Abu Dhabi National Oil Company (ADNOC) has officially launched its second trading arm, ADNOC Global Trading (AGT), a joint venture between ADNOC (65%), Eni (20%) and OMV (15%) which focuses on the trading of refined products globally.
H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO opened the virtual forum alongside CEO’s, Claudio Descalzi of Eni and Rainer Seele of OMV.
H.E. Dr. Sultan Ahmed Al Jaber said:“The go-live of ADNOC Global Trading marks another important milestone in the delivery of our 2030 smart growth strategy, and our focus on providing a better and broader service to our customers while driving growth and adding incremental value to our operations. Together with our partners Eni and OMV, our new trading entity expands the reach of our products to new markets and new customers. AGT will enhance the skills of our people by combining experienced traders with the next generation of bright home-grown talent, creating new and exciting opportunities for UAE nationals while unlocking additional revenue streams for ADNOC and the UAE.”
Eni CEO, Claudio Descalzi commented:“In our recent past, Eni have developed many new initiatives along the value chain alongside ADNOC and we started a collaboration aimed at achieving new solutions for energy transition. The launch of this new global trading company represents an additional strategic step in our partnership with ADNOC and OMV, a partnership that is stronger and better able to face market dynamics.”
Dr. Rainer Seele, OMV CEO said:“The launch of AGT shows the strength of our partnership across refining and trading. At OMV we strongly believe in the value of integrated business as a platform from which to achieve maximum efficiency and the best possible performance. ADNOC Global Trading will unlock an additional level of integrated value creation for its partners. This is especially important as we expect the oil, gas and derivatives markets to remain challenging and volatile.”
