Stock UAE Oil Refinery Adnoc Ruwais
New entity will trade in refined products, and is ADNOC's second such entity. Image Credit: Bloomberg

Dubai: The Abu Dhabi National Oil Co. (ADNOC) has launched its second trading entity, in a joint venture with energy giants Eni and OMV. The Abu Dhabi entity will have 65 per cent in ADNOC Global Trading, which will trade in refined products.

Eni will retain 20 per cent and OMV 15 per cent. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, said: "The go-live of ADNOC Global Trading marks another important milestone in the delivery of our 2030 smart growth strategy. Our new trading entity expands the reach of our products to new markets and new customers."

The new entity will allow ADNOC to "further commercialize" its refined product sales with new delivery, pricing and hedging options. It will work closely with ADNOC L&S, the shipping company, to provide greater access to ADNOC’s network of shipping and storage solutions.

Traders will be able to offer bespoke arrangements, including global delivery, shipping and storage of refined products where they are needed.