The Abu Dhabi National Oil Company (Adnoc) is close to setting up a new crude oil and refined products trading unit as it presses ahead with plans to bolster its downstream business.

The new unit will introduce and manage non-speculative trading to further maximise value from every barrel of crude oil and refined product that is produced and marketed by the company, Adnoc says in a statement.

Currently, all of Adnoc's crude and oil products are sold on a free on board (FOB) basis. The new unit may begin selling on a delivered basis, and manage the shipping and logistics of these products to Adnoc’s customers.

Philippe Khoury, former CEO of Atlantic Trading & Marketing Inc, Total's trading and shipping affiliate for the Americas, and a former HSBC banker, has been appointed as Adnoc's group head of trading.

It is not clear when the new unit will start trading. Details about the new firm will be provided at Adnoc's Downstream Investment Forum in Abu Dhabi on 13 May.