Exclusive: UAE plans oil trade overhaul to boost Middle Eastern clout 6:00am EDT [Reuters]
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Source: Reuters
Exclusive: UAE plans oil trade overhaul to boost Middle Eastern clout - Reuters 6 Min Read DUBAI/LONDON (Reuters) - The United Arab Emirates’ state-run ADNOC, long seen as one of the most conservative oil firms in the Middle East, plans an overhaul for its trading operations as it seeks to emulate the success of rival oil majors and bolster its regional influence. The company has splurged on hiring former employees of private-sector peers and wants to launch a regional oil benchmark, possibly this year, similar to international markers Brent and WTI, four sources familiar with the plans said. The plan is not yet finalised and still has to be approved by UAE authorities, such as the Abu Dhabi Supreme Petroleum Council, the sources said. ADNOC did not respond to a request for comment. “ADNOC hopes the benchmark will allow it to earn more money and gain bigger prestige in the region. This all fits into a drive by (Abu Dhabi Crown Prince) Sheikh Mohammed bin Zayed to turn the UAE into a r
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