Adnoc petrol station Image Credit: File photo

Abu Dhabi: Speaking on the sidelines of the UNIDO conference, UAE’s Minister of Energy and Industry, Suhail Al Mazrouei, said that this week’s announcement by Adnoc on its planned listing of Murban crude on futures exchange markets would be a positive development for the country’s oil sector.

“I said that we’re very happy with this [announcement], we think this is going to capture more value to us. Murban [crude] is at a quantity that is more than Brent … and so I think it’s positive that we decided to do it. The forward looking as well in the futures [market] is also going to provide flexibility,” he added.

“I think all of these are good indicators, it means that Adnoc and the team in Adnoc are looking at the full value change and are not leaving any unturned stone,” he said.

Al Mazoruei said the technical details behind the listing, which is expected to be carried out between the second and third quarters of 2020, would be announced by Adnoc and not the ministry.

“We look forward to more explanation of how it’s going to be done, but that’s going to be done through Adnoc.”