October 1, 2019 / 5:04 AM / a month ago

UAE's ADNOC selects ICE for its Murban crude oil futures- sources

FUJAIRAH, United Arab Emirates, Oct 1 (Reuters) - S tate-owned Abu Dhabi National Oil Co (ADNOC) has chosen the Intercontinental Exchange (ICE) to launch a regional oil benchmark based on its Murban crude grade by next year, three sources familiar with the matter said.

Two sources said ADNOC may launch a new Murban futures contract as early as February 2020.

The move means that ADNOC would ditch the retroactive pricing system it is currently using to set its official selling prices.

Reuters reported in July that ADNOC was considering officially announcing the Murban benchmark plan by November and was in talks with a number of exchanges including ICE and the Chicago Mercantile Exchange (CME) as part of the company’s plans to overhaul its trading operations.

ADNOC and ICE declined to comment. (Reporting by Rania El Gamal in Fujairah, additional reporting by Noah Browning in London; editing by Christian Schmollinger)

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