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Exclusive: UAE state oil firm considers trading unit in reform push - sources

Reuters  |  DUBAI/LONDON 

By Rania El Gamal and Dmitry ZhdannikovDUBAI/LONDON (Reuters) - Abu Dhabi National Oil Company (ADNOC) is looking to set up its own trading unit, possibly together with an oil major or a big trading house, joining other Middle East producers seeking to boost earnings via new revenue streams, industry sources said.A sharp drop in crude prices since mid-2014 has forced the oil industry to cut costs and look for ways to boost efficiency amid competition from new producers such as U.S. shale firms.The move by ADNOC, regarded as one of the most conservative among Middle East oil producers, is part ...

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First Published: Tue, July 11 2017. 19:52 IST