Italian oil major Eni and Swiss trading house Mercuria are partnering to trade energy commodities, aiming to leverage Eni's upstream assets and Mercuria's market knowledge to gain a larger share in the volatile energy market. This collaboration follows a period of significant profits for energy traders, with rivals like Vitol and Trafigura reporting strong earnings due to supply disruptions and price swings.
The partnership seeks to strengthen both companies' positions in physical trading and risk management across oil, gas, and power markets. Eni has an existing sizable trading operation, with key hubs in London, Singapore, and Houston, managing its portfolio of gas, liquefied gas, oil, and power producing assets.
Mercuria, headquartered in Geneva, is one of several major energy trading houses that have seen record profits as global oil, gas, and power markets became fractured following Russia's full-scale invasion of Ukraine. This alliance reflects a broader trend of traditional oil companies adapting to market volatility by collaborating with specialized traders, rather than relying solely on their internal trading desks.
Previously, Eni had been in talks with Mercuria regarding a potential partnership since at least January 2026. Prior reports indicated that Mercuria, whose largest shareholders are former Goldman Sachs Group Inc. traders Marco Dunand and Daniel Jaeggi, paid out $5.5 billion in dividends over three years and recorded profits of $1.31 billion in its last financial year through September. While specific financial details of the new partnership were not immediately available, the move is clearly aimed at enhancing Eni's market share and profitability in global commodity flows.
