Abu Dhabi National Oil Co. is in talks with major refining companies in Africa and Thailand to invest in their businesses as it seeks to secure customers for its crude and expand its fuel-trading operations.
Abu Dhabi National Oil Co. is in talks with major refining companies in Africa and Thailand to invest in their businesses as it seeks to secure customers for its crude and expand its fuel-trading operations, according to people familiar with the discussions.
The potential investments mark a shift for ADNOC, the world’s 12th-largest oil company by production, which has largely relied on its giant Ruwais refinery in the UAE to supply global fuel markets. Expanding overseas would give the company access to new customers, strengthen its trading business and reduce its reliance on operations in the Persian Gulf.
ADNOC has previously purchased African crude, including Nigerian barrels, for trading and supplied refined products such as gasoline and diesel to markets including Kenya and Ethiopia, according to Bloomberg's report.
The talks come as Nigeria’s Dangote Refinery prepares for a major expansion. The 650,000-barrel-per-day facility is holding its official IPO signing ceremony ahead of a public share offer scheduled to open on September 14.
