Adnoc taps commodities veteran Benoit Roulon to lead trading arm

Adnoc hired commodities veteran Benoit Roulon (LinkedIn) to lead its trading arm, Bloomberg reports, citing people it says are familiar with the matter. Roulon joins from Squarepoint Capital, where he had been building out a physical oil business since the start of this year, the business news information service says.

Why it matters: This is the latest move in a strategic pivot for Adnoc Global Trading — the JV with Italy’s Eni and Austria’s OMV — which has been building its international footprint since 2018, when Adnoc was still primarily a producer content to sell barrels at the wellhead. CEO Ahmed bin Thalith said in May the unit aims to lift handled volumes by nearly two-thirds over the next few years.