Sheikh Khaled Visits ADNOC Meets with Emirati Commodity Traders

Photo : Abu Dhabi Media Office

His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, recently visited ADNOC’s trading office at the Abu Dhabi Global Market. During his visit, Sheikh Khaled reviewed the significant achievements of ADNOC’s trading arms, ADNOC Global Trading (AGT) and ADNOC Trading (AT).

While touring the trading floor, Sheikh Khaled met with Emirati commodity traders who are instrumental in creating additional revenue streams through ADNOC’s expansion into new energy markets. His Highness underscored the pivotal role of ADNOC’s trading businesses in bolstering Abu Dhabi’s status as a global trading hub. He also highlighted their contribution to supporting the UAE’s growth into new energy sectors and diversifying the economy, thus fostering sustainable economic development for both Abu Dhabi and the UAE.

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ADNOC’s trading companies, launched in 2020, have significantly increased the company’s revenue streams. Initially focusing on refined products such as gasoline, jet fuel, gasoil, and naphtha, and crude oil, ADNOC has since expanded its trading desks to include liquefied petroleum gas (LPG), liquefied natural gas (LNG), biofuels, sulfur, and carbon. This strategic expansion has enabled ADNOC to capture new market share and support the UAE’s growth into new energy markets.

During the visit, Sheikh Khaled was briefed on ADNOC’s initiatives to equip UAE Nationals with skills and experience in international commodity trading through its Trading Academy. He emphasized the leadership’s ongoing commitment to supporting Emirati youth, recognizing them as the cornerstone of the nation’s success. Investing in skills development in key strategic areas remains a fundamental pillar of the UAE’s future growth.

ADNOC’s trading companies, AGT and AT, currently employ over 100 Emiratis, with more nationals undergoing training to become traders through the Trading Academy. These UAE Nationals are responsible for critical trading functions, including physical trading, chartering for own flows and third-party volumes, and derivatives trading such as hedging.

Sheikh Khaled also endorsed ADNOC’s plans to further expand its trading activities to enhance global energy security and reinforce the UAE’s position as a key player in the global energy markets. ADNOC has established active trading offices in Singapore and expanded its operations to Europe, with plans to extend to the United States.

ADNOC’s trading businesses leverage the power of artificial intelligence (AI) and technology to manage risk, generate value, and ensure precision in every trade executed with counterparties. AGT focuses on trading refined products from ADNOC and other sources, while AT specializes in crude oil and LNG trading and is active on ICE Futures Abu Dhabi (IFAD), an independent futures exchange for Murban Futures contract derivatives.

Through these efforts, ADNOC continues to innovate and adapt, driving forward the UAE’s ambitions in the energy sector and contributing to the nation's long-term economic prosperity.

July 2, 2024 10:26 a.m. 500

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