ADNOC is planning to establish a trading desk in the US, reported Reuters, citing sources.  

This move is part of the company’s efforts to expand its global presence.  

ADNOC has been in discussions to hire senior energy traders to manage the US expansion, the sources said, adding that the company’s plans could still shift focus. 

The UAE Government-backed oil and gas company has been looking to expand globally in recent years as it seeks new revenue streams for the Gulf state.  

Since 2018, it has been developing its trading operations, which now include ADNOC Trading, handling crude oil, and ADNOC Global Trading, a joint venture with Eni of Italy and OMV of Austria, focusing on refined products.  

There have been reports that ADNOC is also planning to open a trading office in Geneva and a representative office in London, with the Swiss office reportedly commencing operations in early May. 

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Additionally, the business has been searching for opportunities in the US to increase its footprint in the expanding liquefied natural gas (LNG) trade. 

This move comes as US crude and fuel exports have seen a significant rise, drawing major players such as Saudi Aramco to establish trading offices in Texas. 

Middle Eastern energy producers including ADNOC have been enhancing their trading operations since the 2014 oil price collapse, seeking to exert more control over the sale of their resources and align their business models with other global oil giants.  

Earlier this month, ADNOC signed a long-term agreement with Germany’s EnBW to supply LNG.  

The 15-year contract involves the delivery of 600,000 tonnes per annum of LNG from ADNOC’s Ruwais LNG project in Al Ruwais Industrial City, Abu Dhabi.  

This deal with EnBW is the third for the Ruwais LNG project, which has a total capacity of 9.6 million tonnes per annum.