By: AGBI

Adnoc Global Trading is planning to expand its operations to the US and increase its trading volumes by nearly two-thirds.

The business, which is the oil trading arm of Abu Dhabi’s National Oil Company, trades between 1.1 and 1.2 million barrels of oil equivalent per day. It wants to hit 2 million barrels a day, CEO Ahmed bin Thalith told Bloomberg.

He said that AGT established offices in Singapore and Geneva, Switzerland within five years of its inception and intends to open an office in Houston, Texas in 2027.

“This will put us on the global map and this will increase our footprint,” bin Thalith said.

AGT has also launched a petrochemicals trading desk, which will be expanded as Adnoc grows its global presence and develops plants on the US Gulf Coast, he said.

AGT is a joint venture between Adnoc, Italy’s Eni and Austria’s OMV.  

“We own the full value chain, from the well all the way to the distribution, and trading comes in and takes advantage of the whole operation,” bin Thalith said.  

By comparison, Saudi Aramco’s trading unit, Aramco Trading, moved about 7.3 million barrels per day of crude oil and refined products in 2024, Bloomberg reported.