GS Caltex to participate in the establishment of UAE crude oil futures exchange
GS Caltex to participate in the establishment of UAE crude oil futures exchange
  • Lee Jun-sung
  • 승인 2019.11.13 12:19
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ADNOC CEO Sultan Ahmed al-Jaber (left), CEO of GS Caltex CEO Huh Se-hong (right)
ADNOC CEO Sultan Ahmed al-Jaber (left) and CEO of GS Caltex CEO Huh Se-hong (right) / Courtesy of GS Caltex

GS Caltex will participate in the establishment of crude oil futures exchange with global energy companies.

GS Caltex made an announcement on Nov. 12 that it has signed an agreement with eight energy companies, including ADNOC, a state-run oil company in Abu Dhabi, UAE, Intercontinental Exchange (ICE), the world's largest exchange group, and British Petroleum (BP), to set up the ICE Abu Dhabi Futures Exchange.

The exchange plans to start the UAE-produced Murban crude futures trading in the first half of next year. Murban crude oil, used by more than 60 oil refiners worldwide, accounted for 17 percent of the 271 million barrels of crude imported by GS Caltex last year.

It is the highest ratio for a single oil breed. GS Energy, the parent company of GS Caltex, has a 3 percent stake in the UAE's land production mine, which produces Murban crude, so that it can produce about 800 million barrels over 40 years.

"Under the regulation on the sulfur content of ships that will take effect in 2020, we will contribute to the active trading of Murban crude, a typical light crude oil that is expected to rise in demand, and increase transparency in trading prices," a GS Caltex official said. "We hope it will also help stabilize oil prices in the future."

Meanwhile, energy companies such as BP, Shell, Total, Vitol, Petrochina, INPEX, JXTG, and PTT, which participated in the establishment of the futures exchange, will also engage in the operation of the exchange, along with GS Caltex.

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