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11/5/2019 12:00:00 AM

The Abu Dhabi National Oil Company (ADNOC) announced that it received approval from Abu Dhabi's Supreme Petroleum Council for a new pricing mechanism for its Murban crude. The company expects to implement its new Murban Crude forward pricing mechanism between the second and third quarters of 2020.

Murban, its flagship onshore crude, will be listed internationally as a futures contract, moving from a retroactive pricing model to a forward model and removing destination restrictions.

The SPC also approved ADNOC’s new trading strategy, following the incorporation of ADNOC Global Trading in July, a joint venture with Eni and OMV that will focus on creating additional value from the sales and trading of products from ADNOC Refining.

The SPC is the highest governing body of the oil and gas industry in Abu Dhabi. It formulates, approves, and oversees the implementation of Abu Dhabi's petroleum policy and follows up its implementation across all areas of the petroleum industry to ensure that the set goals are achieved.