Italian oil major Eni and Swiss commodity trader Mercuria Energy Group have signed an agreement to form a 50/50 joint venture focused on global hydrocarbon trading. The new entity will handle crude oil, natural gas, LNG, and biofuels, leveraging the combined portfolios of both companies.
The partnership marks a strategic shift for Eni, which in 2019 withdrew from independent trading of oil, fuels, petrochemicals, gas, and electricity. The company admitted that this move led to significant losses and missed opportunities along the value chain. Now, by joining forces with Mercuria, Eni aims to add several hundred million dollars to its annual bottom line.
The joint venture will not only trade physical commodities but also manage logistics – including infrastructure at LNG terminals, oil ports, and maritime transport. Both partners bring extensive asset portfolios: Eni operates oil and gas fields in Africa, the Americas, Asia, and the Middle East, producing around 700,000 barrels of oil per day.
Strategic comeback for Eni
– The joint venture will create growth opportunities by leveraging our upstream portfolios and market access – the companies stated in a joint press release.
Eni’s return to active trading is a recognition of the changing dynamics in global energy markets. The Italian group holds strong positions in Mozambique, Ivory Coast, Nigeria, and Egypt, as well as in Mexico, Venezuela, Indonesia, and Kazakhstan. Combining these assets with Mercuria’s trading expertise is expected to unlock higher margins.
Mercuria’s global reach
Mercuria Energy Group, one of the top five independent commodity traders worldwide, generated annual revenues exceeding $180 billion. The Swiss company owns storage facilities, refineries, and a fleet of tankers, giving it a robust logistical backbone. Its presence in Poland dates back years – the firm has previously supplied crude oil to Lotos and Orlen, two major Polish refiners.
Both partners will hold 50% equity in the new venture, which will start operations after receiving necessary corporate approvals. The deal is subject to regulatory clearances in relevant jurisdictions.
Impact on Poland and regional markets
For Polish energy security, the joint venture could mean more diversified and flexible supply options. Mercuria has a proven track record in the region, and Eni’s growing LNG portfolio may also find its way to the Świnoujście terminal. The partnership comes at a time when Europe is scrambling to secure reliable energy sources amid geopolitical tensions and the green transition.
The transaction is expected to close later this year. Once operational, the joint venture will rank among the largest integrated trading platforms in the hydrocarbon sector, combining upstream assets with midstream and downstream capabilities.
Źródło: wnp.pl, Fot. BGStock72 / Shutterstock
