The equally owned venture will be headquartered in Geneva and cover trading, marketing, logistics and selected commercialization activities across oil, gas, LNG, LPG and biofuels, subject to regulatory approvals.
Eni and Mercuria have signed an agreement to create an equally owned global energy trading venture that will operate independently through a holding structure headquartered in Geneva. The business is designed to combine Mercuria's trading, market intelligence and risk management capabilities with Eni's upstream, midstream and downstream asset expertise to optimize marketing, logistics and trading across a broad range of energy commodities. The venture will oversee selected commercialization and trading activities in oil, biofuels, natural gas, LNG and LPG, along with related logistics and infrastructure rights. The companies said the platform will seek to improve physical energy flow optimization, strengthen access to global markets, increase supply-chain flexibility and resilience, and unlock value across the energy value chain. The deal adds detail to Eni's previously announced plan to build out its trading operations as it seeks to narrow the gap with European rivals whose large trading desks have become significant profit centers. Mercuria said the transaction also fits its strategy of using partnerships to expand market access and deepen physical integration. Completion remains subject to customary regulatory approvals and other closing conditions.