ADNOC launches integrated platform for marketing and trading liquefied natural gas
DUBAI, July 6 (Reuters) - Abu Dhabi National Oil Company (ADNOC) launched a new platform on Monday for marketing and trading liquefied natural gas, bringing together the marketing activities of ADNOC Gas and XRG with ADNOC Trading into one platform.
The platform, based in Abu Dhabi Global Market, aims to market 47 million tons per year of liquefied natural gas by 2035, making it one of the largest platforms operating in this field.
Here are some details:
Rashid Al Mazrouei has been appointed to assume the duties of Head of Marketing and Development of Liquefied Natural Gas Supply Sources, and will oversee the marketing of the LNG portfolio business for both ADNOC Gas and XRG.
Long-term LNG marketing operations will be consolidated within the new integrated platform, but ADNOC Trading will remain responsible for trading activities with no change to the current customer handling mechanisms.
ADNOC Gas’s existing commercial arrangements in the liquefied natural gas (LNG) sector will not change, and the platform is expected to support improved marketing activities, including future production from the Ruwais facility.
Sultan Al Jaber, CEO of ADNOC and Chairman of XRG, said that this move "represents a qualitative leap in the size and flexibility of ADNOC's LNG marketing and trading platform and its ability to capitalize on commercial opportunities."
ADNOC Trading was established four years ago and has offices in Abu Dhabi, Singapore and Geneva.
XRG, valued at over $150 billion, said last year that it aims to be among the top five global gas and LNG companies, targeting a production capacity of 20 to 25 million tons per year by 2035.
