Italian energy major Eni is considering re-entering the oil and gas trading business, aiming to capture the substantial profits currently enjoyed by its competitors. Eni's Chief Executive, Claudio Descalzi, stated that other major companies such as BP, Shell, and Total make billions from trading, a revenue stream Eni abandoned in 2019.
Descalzi has held preliminary discussions with several commodity trading firms, including Mercuria Energy Group, regarding a potential joint venture. He emphasized that trading is "not in our DNA" and that a partnership would help Eni understand and effectively participate in the business, suggesting that Eni's large oil and gas production would be an attractive asset for a trading partner.
These discussions follow a period of exceptional profitability within the energy trading industry, driven by geopolitical volatility and surging commodity prices. Eni aims to leverage these market conditions, similar to how TotalEnergies recently formed a trading joint venture in Bahrain, to maximize value from its production and broaden access to international markets. Bloomberg News reported in January 2026 that Eni was in talks with Mercuria. The proposed trading unit would operate independently of Eni's core operations.
