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UAE’s ADNOC to open Swiss trading office next year
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LONDON (Reuters) – The trading arm of Abu Dhabi National Oil Co (ADNOC) is set to open an office in Geneva next year and a representative office in London, four sources familiar with the matter said.
LONDON (Reuters) – The trading arm of Abu Dhabi National Oil Co (ADNOC) is set to open an office in Geneva next year and a representative office in London, four sources familiar with the matter said.
ADNOC declined to comment. It has been building up a trading division since 2018 and counts two divisions – a joint venture with ENI and OMV to cover physical crude and products, the other to follow paper markets.
Two of the sources specified that the process of setting up the Geneva office was already in motion, with the trading desk due to go live around May next year.
“It’s part of a growth effort to expand operations on major trading hubs,” a fourth source with knowledge of the matter said.
ADNOC has also held early talks to acquire or take a stake in Swiss energy trader Gunvor Group.
(Reporting by Julia Payne; Additional reporting by Maha El Dahan in Dubai; Editing by Jan Harvey)
The Abu Dhabi National Oil Company (ADNOC) is a state-owned oil company in the United Arab Emirates, involved in the exploration, production, and trading of oil and gas.
A trading office is a facility where financial transactions, such as buying and selling commodities or securities, are conducted. It often serves as a hub for market operations.
A joint venture is a business arrangement where two or more parties agree to pool their resources for a specific project or business activity, sharing profits and losses.
Physical crude refers to unrefined oil, while products are refined materials derived from crude oil, such as gasoline, diesel, and jet fuel.
A representative office is a branch of a company that serves to promote and facilitate business activities in a foreign country without engaging in direct sales.
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