Leading operator of global exchange-Intercontinental Exchange, (ICE) partners with Abu Dhabi National Oil Company (Adnoc) and world’s nine major oil companies to establish new exchange known as ICE Futures Abu Dhabi (IFAD).
The nine companies which supports the launch of ICE Futures Abu Dhabi are BP, GS Caltex, INPEX, JXTG, PetroChina, PTT, Shell, TOTSA (Total) and Vitol. New exchange in Abu Dhabi Global Market that will host the world’s first Murban crude oil futures contracts.
This announcement was made on opening day of the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).
Intercontinental Exchange is one of the world’s most recognised and leading operators of global exchanges and clearing houses and Adnoc is pleased to be a part of this significant new venture which will strengthen Abu Dhabi’s position as a global energy hub. We are particularly pleased that nine leading global energy companies, all of which are our partners and customers, have decided to join us in this initiative. Having a new independent exchange in Abu Dhabi will not only benefit the UAE, but also physical and financial oil traders around the world.” Said Dr Sultan Al Jaber, Minister of State and Adnoc Group CEO.
Abu Dhabi’s Supreme Petroleum Council approved the launch of a new pricing mechanism for Murban crude as part of ADNOC’s broader transformation strategy last week. It approved the state energy firm to remove destination restrictions on Murban sales. Abu Dhabi Global Market will host the world’s first Murban crude oil futures contracts.
“This development marks momentous progress within the energy industry and adds new vibrancy to the capital markets of the UAE and wider Middle East region. We welcome IFAD as an important international exchange to the ADGM family, which adds to our diverse global community,” said Ahmed Ali Al Sayegh, Minister of State (UAE) and the Executive Chairman of Abu Dhabi Global Market.