Eni, Mercuria to Establish Commodities Trading Joint Venture
By Adam Whittaker
Italian oil-and-gas major Eni agreed to form a commodities trading joint venture with Swiss trading firm Mercuria as it seeks to catch up with European rivals whose vast trading desks rake in billions of dollars in profit.
Eni said the trading business would be split equally with Mercuria, which was established in 2004 and has since become one of the largest players in the sector.
The joint venture will operate independently and trade commodities such as oil, gas, liquefied natural gas and biofuels, Eni said.
The trading desks at BP, Shell and TotalEnergies have been able to deliver bumper profits at times of significant market volatility, including at the start of the conflict in the Middle East when the closure of the Strait of Hormuz triggered dislocations across energy markets. These trading desks are often among the most profitable parts of these businesses.
Eni said the joint venture would boost the profitability of both partners and deliver long-term value through operational efficiency and risk management.
Write to Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
July 01, 2026 03:49 ET (07:49 GMT)
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