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ADNOC Global Trading Begins Trade in Refined Products

ADNOC Global Trading Begins Trade in Refined Products
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ADNOC Global Trading Begins Trade in Refined Products

ADNOC Global Trading Begins Trade in Refined Products

Abu Dhabi National Oil Co. (ADNOC) has launched its second trading entity, in a joint venture with energy giants Eni and OMV.

ADNOC Global Trading (AGT) offers a broader range of integrated services to its customers and enables ADNOC to further commercialize its refined product sales with new delivery, pricing, and hedging options.

AGT will work closely with ADNOC L&S to provide greater access to the energy giant's global network of shipping and storage solutions.

The Abu Dhabi entity will have 65 percent in ADNOC Global Trading. Eni will retain 20 percent and OMV 15 percent.

Dr. Sultan Ahmed Al Jaber, UAE minister of industry and advanced technology and ADNOC Group CEO, opened the virtual trading arm alongside CEO's, Claudio Descalzi of Eni and Rainer Seele of OMV.

Dr. Sultan Ahmed Al Jaber said that the new trading entity expands the reach of ADNOC products to new markets and new customers.

“AGT will enhance the skills of our people by combining experienced traders with the next generation of bright home-grown talent, creating new and exciting opportunities for UAE nationals while unlocking additional revenue streams for ADNOC and the UAE,” he added.

“In our recent past, Eni developed many new initiatives along the value chain alongside ADNOC and we started a collaboration aimed at achieving new solutions for energy transition. Our contribution in terms of know-how, operational experience in trading processes, and qualified people has accelerated the launch of the venture to quickly reach this important milestone,” said Descalzi.

Dr. Rainer Seele said: “AGT will unlock an additional level of integrated value creation for its partners. This is especially important as we expect the oil, gas and derivatives markets to remain challenging and volatile."

For his part, ADNOC executive director of Marketing, Supply and Trading Khaled Salmeen said that the new trading platform allows ADNOC to offer customers new and additional services and tools, ultimately enabling both ADNOC and its customers to better manage pricing risks and derive more value from every barrel that we produce, refine, ship, and sell.

AGT practices its activities at the International Financial Center at Abu Dhabi Global Market (ADGM), alongside ADNOC Trading, which completed its first derivatives trade earlier this year, and ICE Futures Abu Dhabi (IFAD), which will launch Murban Futures on the 29th March 2021, subject to the completion of remaining regulatory approvals.

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Saudi Arabia Launches Global Labor Market Academy in Partnership with the World Bank

Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 
Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 
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Saudi Arabia Launches Global Labor Market Academy in Partnership with the World Bank

Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 
Al-Rajhi addressing the audience during his opening speech at the conference (Asharq Al-Awsat). 

Saudi Arabia has launched the Global Labor Market Academy in partnership with the World Bank, reinforcing its commitment to global transformation and addressing labor market gaps.

The announcement was made by Minister of Human Resources and Social Development Ahmed Al-Rajhi during the second edition of the International Labor Market Conference, held at the King Abdulaziz International Conference Center in Riyadh.

Under the patronage of King Salman bin Abdulaziz, the conference brought together 40 labor ministers from countries including the G20, Europe, Asia, the Middle East, Africa, and the Americas, alongside ILO Director-General Gilbert Houngbo and over 5,000 participants and 200 speakers from more than 100 countries.

Al-Rajhi highlighted the global unemployment rate, which reached 11.3% in the third quarter of 2024, calling it a cause for concern, especially as it surged to 24% in some member countries. He emphasized the need for proactive measures to address rapid technological advancements, demographic shifts, and emerging challenges such as climate adaptation.

In Saudi Arabia, the private sector workforce has exceeded 12 million employees, with the number of Saudi nationals employed rising from 1.7 million in 2020 to over 2.4 million in 2023, adding 724,000 new jobs for Saudis.

Since its establishment last year, the International Labor Market Conference has become a leading platform for shaping the future of global labor markets. Al-Rajhi noted that 67 million young people worldwide are unemployed, and 20% of individuals aged 15–24 are neither working, studying, nor in training. Additionally, 40% of employers struggle to fill positions due to skill mismatches, with youth unemployment exceeding 30% in some regions.

Saudi Arabia has introduced several initiatives under Vision 2030 to empower its workforce, including training programs, legislative reforms, and a national youth development strategy. As a result, the country’s unemployment rate dropped to 3.7% by the end of 2024, down from 5.7% in 2020, while women’s labor force participation increased to 36%, surpassing Vision 2030 targets.

Al-Rajhi announced two major initiatives: the launch of the Global Labor Market Academy, headquartered in Riyadh, which will serve as a hub for training and knowledge exchange, and the Future Outlook Report, which will provide data-driven insights and innovative strategies to bridge skill gaps and promote lifelong learning.

ILO Director-General Gilbert Houngbo stressed the importance of creating better employment conditions for young people, particularly in fields like technology and artificial intelligence (AI). He urged policymakers to develop strategies that prioritize decent jobs and sustainable employment.

Houngbo emphasized that the conference discussions would focus on youth skill development in an era of rapid technological progress and ensuring equal opportunities for young people across all regions.

 

Safaa El-Tayeb El-Kogali, World Bank Director for the GCC, highlighted the significance of the Global Labor Market Academy, stating that it offers a unique opportunity for policymakers to enhance their skills and address shared labor market challenges. She noted that the academy and the Global Labor Market Observatory will play a critical role in fostering international cooperation and sharing best practices between countries with different economic conditions.

During the ministerial roundtable, attended by 40 labor ministers, Al-Rajhi announced a comprehensive vision to enhance labor market resilience and inclusivity.

The plan focuses on facilitating youth transitions from education to employment, preparing the workforce for AI-driven changes, and increasing investment in human capital development.

It also emphasizes enhancing labor market flexibility, including remote and gig work, supporting SME growth to boost job creation, and utilizing technology and skills-matching platforms. Additionally, it promotes the employment of marginalized groups, such as people with disabilities and long-term unemployed individuals, while establishing a comprehensive labor market data system to track employment trends and workforce dynamics.

The Global Labor Market Academy and its initiatives mark a significant step in Saudi Arabia’s efforts to modernize labor markets, address global employment challenges, and foster sustainable economic growth.