GS Caltex said Tuesday it is the first South Korean oil refiner to take part in the launch of ICE Futures Abu Dhabi, a new exchange in the United Arab Emirates.
The company has signed a deal with Intercontinental Exchange, an American company that owns exchanges for financial and commodity market exchanges, along with nine other energy traders for the launch of the exchange.
ADNOC CEO Sultan Ahmed Al Jaber (left) and GS Caltex CEO Hur Sae-hong pose for a photo after a signing ceremony for the launch of the ICE Futures Abu Dhabi on Monday. (GS Caltex)
The other large energy firms include Abu Dhabi National Oil Co., BP, Shell, Total, Vitol, Petrochina, Inpex, JXTG and PTT.
The signing ceremony held in Abu Dhabi was attended by global oil and gas company leaders, including GS Caltex CEO Hur Sae-hong, ADNOC CEO Sultan Ahmed Al Jaber and ICE CEO Jeffrey Sprecher.
The exhange will begin trading futures of Murban crude -- which is used by more than 60 refiners around the world -- in the first half of next year.
GS Caltex said its participation will contribute to the trading of crude oil and enhance the transparency of crude oil prices.
Of the 272 million barrels of crude oil GS Caltex imported last year, Murban crude oil accounted for about 17 percent, or 47 million barrels, making up the highest share, according to the company. Its parent company, GS Energy, also owns a 3 percent stake in the UAE’s terrestrial production area, which produces Murban crude oil.
By Shin Ji-hye (firstname.lastname@example.org