Abu Dhabi state oil firm ADNOC’s trading unit plans to increase the volume it handles by two-thirds over the next few years as part of its international expansion, Bloomberg News reported on Friday, citing its CEO.
ADNOC has been stepping up its global expansion in recent years to find new revenue streams for the Gulf state, including building trading operations since 2018.
State-owned Abu Dhabi National Oil Company sees trading as a way to capture greater value from the sale of fuels produced in the emirate and elsewhere, Ahmed Bin Thalith, chief executive officer of ADNOC Global Trading, told Bloomberg in an interview published on Friday.
“In only five years, we’ve established offices in Singapore, in Geneva and, soon to come, in the U.S.,” Thalith told Bloomberg.
Reuters reported last year that ADNOC was planning to set up a trading desk in the U.S. as part of the United Arab Emirates-backed oil and gas producer’s global expansion efforts.
Thalith told Bloomberg that the next phase of ADNOC Global Trading’s expansion would be an office in Houston in 2027.
ADNOC counts two divisions as part of its trading business – ADNOC Trading, focused on crude oil, and ADNOC Global Trading, a joint venture with Italy’s Eni and Austria’s OMV, focused on refined products.
(Reporting by Hyunsu Yim in Barcelona. Editing by Mark Potter)