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ADNOC Planning US Trading Expansion: Reuters

ENERGY

ADNOC is planning to set up a trading desk in the US as part of the producer’s global expansion efforts, sources told Reuters.

  • The company has recently held talks to recruit senior energy traders to oversee the US expansion effort, sources said.
  • ADNOC is increasing its global expansion and has two divisions in the trading business: crude-oil-focused ADNOC trading and ADNOC Global Trading – a joint venture with ENI.
  • Source previously told Reuters that ADNOC plans to open a trading office in Geneva and a representative office in London.
  • The company has also been looking to expand its presence in the growing LNG trade, hunting for deals in the US.
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