Mercuria and Eni form global energy trading venture

Tankers International Italian energy major Eni and Swiss commodities trader Mercuria have agreed to set up a joint venture for global energy trading. The 50:50 venture will operate independently and cover oil, biofuels, gas, LNG and related logistics and infrastructure rights. The companies said the business will be structured through a holding company with international trading hubs. No financial details were disclosed. 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. The move follows market rumours from earlier this year that Eni had been in talks with Mercuria over a potential trading partnership. Chief executive officer Claudio Descalzi also 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. Mercuria, founded in Geneva in 2004 by Marco Dunand and Daniel Jaeggi, is one of the world’s largest independent energy and commodities groups, with operations across crude oil, refined products, natural gas, LNG, power, renewables, metals and carbon markets. Stefano Pujatti, director, 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, said the partnership would combine physical energy flows with trading, logistics and risk management capabilities. The deal follows a wider trend of producers and trading houses combining physical supply with commercial and risk management expertise. Similar models include ADNOC Global Trading, the Abu Dhabi-based venture between ADNOC, OMV and Mercuria, and BxT Trading, the refined products venture between TotalEnergies and Bahrain’s Bapco Energies. 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. Adis Ajdin Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy. Read Next July 1, 2026 CMA CGM buys FedEx logistics arm in $1.4bn US push July 1, 2026 Norwegian firm scores O&M deal for Poland’s first offshore wind farm July 1, 2026 VLCC market adapts as Hormuz closure reshapes global crude flows July 1, 2026 Diana keeps pressure on Genco with tender extension July 1, 2026 UK carbon market extends to shipping from today