ADNOC says Murban contract will help capture more value from oil output

• Posted in OilGas
• on November 11, 2019
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Abu Dhabi National Oil Co (ADNOC) said on Monday it would be a founding partner in a new exchange to be launched by International Exchange Inc next year to host ADNOC’s flagship Murban crude.

The Murban futures contract, to be listed on the new ICE Futures Abu Dhabi (IFAD), would replace retroactive pricing, allowing buyers to hedge risks and capture more value from ADNOC’s oil output, CEO Sultan al-Jaber told an energy forum in the United Arab Emirates capital Abu Dhabi.

Intercontinental Exchange said earlier on Monday that IFAD, established in the Abu Dhabi Global Market, and clearing house ICE Clear Europe are working on regulatory approvals, with the aim of launching in the first half of 2020.

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