ADNOC has shared its marketing, supply and trading strategy with more than 400 oil and gas executives at the ADNOC’s Trading Forum, 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 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.
Khaled Salmeen, director of Marketing, Supply and Trading, MS&T, at the ADNOC, said, “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.