UAE's ADNOC Plans To Promote Its Oil Trading Business
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UAE's ADNOC Plans To Promote Its Oil Trading Business

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Abu Dhabi National Oil Company (ADNOC) intends to grow its oil, fuels, and LNG trading business in Europe as it seeks to strengthen its global footprint in downstream and fuel supplies. ADNOC, which pumps nearly all of the petroleum in the United Arab Emirates (UAE), one of OPEC's top producers, wants to grow its trading operations and compete for supply to Europe and Africa, taking advantage of EU sanctions on Russian crude and fuel imports.

ADNOC Trading markets Murban crude, an ADNOC-produced light sweet crude oil. However, the business hopes to expand into trading a wide range of additional crude kinds. ADNOC is currently trading Nigerian crude oil under long-term supply contracts. By the end of next year, ADNOC Trading intends to open an office in Geneva, Switzerland. This would be the company's first European office. Another office is planned for Houston, Texas, in 2025.

ADNOC Trading mostly trades chemicals from its existing headquarters in Singapore. On the European oil and LNG market, ADNOC faces stiff competition from worldwide corporations and top commodities trading companies. ADNOC faces competition in Europe even among its Middle Eastern colleagues.

Saudi Aramco, the world's largest crude oil exporter, purchased a share in a Polish refinery last year, expanding its downstream footprint and crude clients in Eastern Europe. In January 2022, Aramco agreed to purchase 30% of a 210,000-bpd refinery in Gdansk, Poland, as well as 100% of an associated wholesale business and 50% of a jet fuel marketing joint venture with BP.

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