Abu Dhabi’s state-owned energy company ADNOC aims to boost the trading volume handled by its trading arm by nearly two-thirds in the coming years as it pursues a broader international growth strategy, Bloomberg News reported on Friday, citing its CEO.
In recent years, ADNOC has accelerated its global expansion drive, seeking new revenue streams for the UAE by diversifying operations and building up its trading capabilities since 2018.
According to Ahmed Bin Thalith, CEO of ADNOC Global Trading, the state oil firm views trading as a key opportunity to derive greater value from fuel sales both within Abu Dhabi and internationally, he said in an interview with Bloomberg.
“Over just five years, we have opened offices in Singapore, Geneva, and are preparing to launch in the United States,” Thalith told Bloomberg.
Reuters previously reported that ADNOC was preparing to establish a trading desk in the U.S. as part of its broader international expansion strategy backed by the UAE.
Thalith confirmed to Bloomberg that ADNOC Global Trading plans to open its next office in Houston by 2027 as part of its next growth phase.
ADNOC’s trading operations include two main divisions: ADNOC Trading, which handles crude oil, and ADNOC Global Trading, a joint venture with Italy’s Eni and Austria’s OMV, focused on refined petroleum products.
