The Abu Dhabi National Oil Company, ADNOC, shared its Marketing, Supply and Trading Strategy with over 400 oil and gas executives at the ADNOC’s Trading Forum today, during the 2019 edition of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC
ABU DHABI, (Pakistan Point News - 12th Nov, 2019) The Abu Dhabi National Oil Company, ADNOC, shared its Marketing, Supply and Trading Strategy with over 400 oil and gas executives at the ADNOC’s Trading Forum today, during the 2019 edition of the Abu Dhabi International Petroleum Exhibition and Conference, ADIPEC.
ADNOC Marketing Supply and Trading presented details about the company’s decision to adopt a new pricing mechanism for its Murban crude, which will see it move from a retroactive official selling price to market-driven, transparent and forward pricing. The company expects to implement the new pricing mechanism around the second quarter of 2020.
Delegates were also briefed on the establishment of a new exchange in Abu Dhabi, ICE Futures Abu Dhabi, and provided further details about other initiatives the ADNOC is pursuing to become a more proactive and adaptive marketer and trader, in the areas of shipping, storage and trading.
ADNOC was joined at the forum by special guest speaker, Intercontinental Exchange Founder, Chairman and CEO, Jeffrey Sprecher, who, following Monday’s announcement of the establishment of a new futures exchange in Abu Dhabi, gave his perspectives on why the move is so significant for Abu Dhabi, the UAE and the global energy market.
Khaled Salmeen, Director of Marketing, Supply and Trading, MS&T, at the ADNOC, said, "Today’s forum provided an opportunity for global industry leaders to learn about the ADNOC’s strategic approach to MS&T and to gain detailed insights into the progress we are making in delivering our ambitious growth plans. Under the leadership of Dr. Sultan Ahmed Al Jaber, ADNOC Group CEO, MS&T is being transformed into a more sophisticated, dynamic and fully integrated marketing, supply and trading organisation, ultimately unlocking and delivering more value to our customers and the ADNOC."
The forum's speakers shared insightful perspectives on macro trends affecting the global energy economy and participated in a lively panel discussion on the transformation of the global trading landscape and emerging issues and opportunities in the global crude and products market.
The speakers included Helima Croft, Managing Director and Global Head of Commodity Strategy, Global Research, RBC Capital Markets; Jeffrey Sprecher, Chairman and CEO, Intercontinental Exchange and Chairman, New York Stock Exchange; Kayo Fujiwara, Executive Officer, General Manager, Crude Trading and Shipping Department, JXTG; Russell Hardy, Group CEO, Vitol; Philippe Khoury, Executive Vice President, Trading, ADNOC; Disathat Panyarachun, Senior Executive Vice President, International Trading, PTT; Shigeharu Yajima, Director, Senior Managing Executive Officer, INPEX Trading; and Manus Cranny, Anchor, Bloomberg.