Italian energy major Eni and Swiss commodities trader Mercuria have agreed to set up a 50:50 joint venture for global energy trading, according to a report by Splash247 Maritime. The venture will operate independently and cover oil, biofuels, gas, LNG, and related logistics and infrastructure rights.
Strategic Rationale and Executive Comments
The deal marks Eni's return to a market it stepped back from in 2019, as European rivals built large trading businesses that have benefited from recent energy price swings. Claudio Descalzi, chief executive officer of Eni, told the Financial Times in February that Eni was looking at trading again after seeing BP, Shell and TotalEnergies make large profits from the activity.
Stefano Pujatti, director of global trading at Eni, said the venture would expand the company's trading footprint and improve profitability through stronger risk management and operating efficiency. Marco Dunand, chief executive officer of Mercuria, stated that the partnership would combine physical energy flows with trading, logistics and risk management capabilities.
Mercuria's Role and Capabilities
Mercuria, founded in Geneva in 2004 by Marco Dunand and Daniel Jaeggi, is one of the world's largest independent energy and commodities groups. Its operations span crude oil, refined products, natural gas, LNG, power, renewables, metals and carbon markets. The venture will be structured through a holding company with international trading hubs. No financial details were disclosed.
Similar Ventures in the Market
The deal follows a wider trend of producers and trading houses combining physical supply with commercial and risk management expertise. Similar models include:
| Venture | Partners | Focus |
|---|---|---|
| ADNOC Global Trading | ADNOC, OMV, Mercuria | Abu Dhabi-based global trading |
| BxT Trading | TotalEnergies, Bapco Energies | Refined products trading |
Tanker and Logistics Angle
Mercuria has been building out its tanker exposure after years of operating with limited direct ownership, instead securing freight through long-term charters. The group controls around 40 vessels, but recent activity shows a push to lock in capacity through owned ships. The trader has been linked in recent months to a string of newbuilding deals in China, including aframax/LR2, suezmax and VLCC tanker segments.
The Eni-Mercuria venture remains subject to regulatory approvals and other closing conditions.
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