Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (Adnoc) has hired Philippe Khoury, a former energy banker at HSBC Holdings, to lead its new crude oil and refined products trading subsidiary.
During his service in HSBC, Khoury was working on Saudi Arabian Aramco's giant potential initial public offering (IPO).
Saudi Arabia was planning to offer Aramco’s shares on the stock markets through converting the state-owned crude producer into a Joint-stock Company.
Adnoc seeks to develop its capacity to trade crude and fuels – along with oil-production and refining, Bloomberg News revealed.
“As Adnoc grows and expands its upstream and downstream businesses, trading will play an even more critical role,” the international media corporation reported, citing Adnoc’s CEO Sultan Al Jaber as saying.
The state-owned oil giant’s new unit is aimed at maximising profit and preparing for an expansion of refining and marketing capacity in the UAE and abroad.
