Nov 7 (Reuters) - Abu Dhabi state oil firm ADNOC's
trading unit plans to increase the volume it handles by
two-thirds over the next few years as part of its international
expansion, Bloomberg News reported on Friday, citing its CEO.
ADNOC has been stepping up its global expansion in recent
years to find new revenue streams for the Gulf state, including
building trading operations since 2018.
State-owned Abu Dhabi National Oil Company sees trading as a
way to capture greater value from the sale of fuels produced in
the emirate and elsewhere, Ahmed Bin Thalith, chief executive
officer of ADNOC Global Trading, told Bloomberg in an interview
published on Friday.
"In only five years, we've established offices in Singapore,
in Geneva and, soon to come, in the U.S.," Thalith told
Bloomberg.
Reuters reported last year that ADNOC was planning to set up
a trading desk in the U.S. as part of the United Arab
Emirates-backed oil and gas producer's global expansion efforts.
Thalith told Bloomberg that the next phase of ADNOC Global
Trading's expansion would be an office in Houston in 2027.
ADNOC counts two divisions as part of its trading business -
ADNOC Trading, focused on crude oil, and ADNOC Global Trading, a
joint venture with Italy's Eni and Austria's OMV
, focused on refined products.