The Abu Dhabi National Oil Company (ADNOC) and Intercontinental Exchange (ICE) today, officially celebrated the start of trading of the United Arab Emirate’s (UAE) flagship crude oil, Murban, as a Futures contract on the new ICE Futures Abu Dhabi (IFAD) commodities exchange.
During a high-profile launch event at Abu Dhabi Global Market (ADGM), attended by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, ICE, ADNOC and the partners in ICE Futures Abu Dhabi, marked the start of trading for ADNOC’s Murban crude oil on ICE Futures Abu Dhabi, a significant milestone for Abu Dhabi and the UAE in its jubilee year.
The introduction of the worlds first Murban Futures contract is the latest step in ADNOC’s ongoing transformation into a more market and customer centric organisation. By making Murban a freely traded crude, similar to Brent or WTI, customers have better price transparency, flexibilty to hedge and manage risks and increased access to Murban crude. For ADNOC, its flagship crude grade becomes more available to a broader set of market particiants around the world.
Alongside ICE and ADNOC, nine of the world’s largest energy companies and traders are joining IFAD as founding partners. This includes BP, GS Caltex, INPEX, ENEOS, PetroChina, PTT, Shell, Total and Vitol. Representatives from the partner companies joined today’s launch event at ADGM, many participating virtually from around the world.
In attendance also were Suhail bin Mohammed Al Mazrouei, Cabinet Member and Minister of Energy and Infrastructure,Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala Investment Company, Jassim Mohammed Buatabh Al Zaabi, Chairman of the Department of Finance, Awaidha Murshed Ali Al Marar, Chairman of the Abu Dhabi Department of Energy, Khalifa Al Suwaidi, Chairman of ICE Futures Abu Dhabi (IFAD), in addition to representatives of partner companies.
Commending the landmark launch of Murban Futures Contracts, H.H. Sheikh Mansour said:''This historic decision falls within the strategy of the UAE and the vision of the wise leadership, which aims to increase the economic achievements and consolidate the honorable position of the UAE and its leadership on the global competitiveness map, and in support of its leading role internationally in the oil market, as a basic resource, in order to ensure the continuation of distinguished development successes.'' H.H. affirmed that the state is keen to keep pace with the changes and developments of the energy sectors, based on forward-looking plans that are capable of achieving prosperity, progress and the development of national wealth, in the service of the people of the UAE and opening promising horizons for them.
He valued the diligent efforts being made by ADNOC to launch qualitative projects and initiatives, which constitutes a central source and support to the national economy.