ABU DHABI,— Abu Dhabi’s state energy firm, ADNOC, aims to raise the amount of oil and refined products traded by its global unit by nearly two-thirds in the coming years, according to Bloomberg News.
The plan is part of a wider push by the United Arab Emirates to expand internationally and diversify its revenue sources.
Ahmed Bin Thalith, chief executive of ADNOC Global Trading, told Bloomberg on Friday that the company has built a strong international presence since launching its trading arm in 2018.
“In only five years, we’ve opened offices in Singapore, in Geneva and, soon to come, in the U.S.,” he said.
The next phase of the company’s growth includes opening a Houston office in 2027, Thalith added.
ADNOC’s expansion follows similar moves by other Gulf producers seeking to capture more value from the sale of fuels and crude products.
According to the report, ADNOC operates two main divisions under its trading business. ADNOC Trading manages crude oil operations, while ADNOC Global Trading, a joint venture with Italy’s Eni and Austria’s OMV, handles refined fuels.
Reuters previously reported that ADNOC planned to establish a U.S. trading desk as part of its strategy to grow internationally.
The company continues to strengthen its position in major energy hubs as it seeks to compete more directly with other global oil traders.
(With files from Reuters)
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