Mercuria Energy Group Ltd is a Cypriot-domiciled multinational

commodity trading A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Futures contracts are the oldest way of investing i ...

company active in a wide spectrum of global energy markets including

crude oil Petroleum, also known as crude oil, or simply oil, is a naturally occurring yellowish-black liquid mixture of mainly hydrocarbons, and is found in geological formations. The name ''petroleum'' covers both naturally occurring unprocessed crude ...

and refined petroleum products,

natural gas Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...

(including LNG), power,

biodiesel Biodiesel is a form of diesel fuel derived from plants or animals and consisting of long-chain fatty acid esters. It is typically made by chemically reacting lipids such as animal fat (tallow), soybean oil, or some other vegetable oil with ...

base metals A base metal is a common and inexpensive metal, as opposed to a precious metal such as gold or silver. In numismatics, coins often derived their value from the precious metal content; however, base metals have also been used in coins in the past ...

and agricultural products. The company is one of the world's five largest independent energy traders and asset operators and is based in Geneva, Switzerland, with 37 additional offices worldwide. The group operates in 50 different countries. Mercuria was started in 2004 by Marco Dunand and Daniel Jaeggi, then executives at Phibro, the commodities trader sold by

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

Occidental Petroleum Occidental Petroleum Corporation (often abbreviated Oxy in reference to its ticker symbol and logo) is an American company engaged in hydrocarbon exploration in the United States, and the Middle East as well as petrochemical manufacturing in the ...

in 2009. The company focused mostly on oil trading until 2007. Prior to this, Mercuria was assumed control of J&S Group, which was named after the Ukrainian-Polish businessmen Grigorij Jankilevitsch and

Vyacheslav Smolokowski Vyacheslav, also transliterated Viacheslav or Viatcheslav (russian: Вячеслав, Vjačeslav ; uk, В'ячеслав, V"jačeslav ), is a Russian and Ukrainian masculine given name. It is the equivalent of Belarusian Вячаслаў/Вацл� ...

. They and their affiliates joined as founders of Mercuria, and they remain as shareholders today.

Operations

Mercuria moves about , of crude and oil products and has upstream and downstream assets ranging from oil reserves in Argentina, Canada and the United States, to oil and products terminals in Europe and China, as well as substantial investment in the bio fuels plants in Germany and the Netherlands. Its subsidiaries include Navitas Energy in Canada and Vesta Terminal Services in Europe, which operates port logistics, storage and processing facilities in the Netherlands, Estonia, Belgium, and Germany. Mercuria, the former owner of Vesta Terminal, entered into a joint venture with

Sinopec China Petroleum & Chemical Corporation (中国石油化工股份有限公司) or Sinopec (), is a Chinese oil and gas enterprise based in Beijing. It is listed in Hong Kong and also trades in Shanghai. Sinopec Limited's parent, Sinopec Gr ...

by selling 50% of the terminals in 2013. Mercuria is active players in energy and renewable markets through investments in the

energy transition The energy transition is the process of downshifting fossil fuels and re-developing whole systems to operate on low carbon energy sources. More generally, an energy transition is a significant structural change in an energy system regarding ...

, with a particular focus on the United States and Europe. The company tells Bloomberg half of its portfolio will be in renewables in the next five years, and has already committed to invest over $2 billion into the energy transition.

History

As the company expanded, it has hired traders and investment professionals from

Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, H ...

Louis Dreyfus Group Louis Dreyfus Company B.V. (LDC), also called the Louis-Dreyfus Group, is a French merchant firm that is involved in agriculture, food processing, international shipping, and finance. The company owns and manages hedge funds, ocean vessels, dev ...

and Electrabel in London. In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC. The Miami, Florida-based MGM International Group is a developer of international projects to reduce greenhouse gas emissions. In 2014, Mercuria bought part of JPMorgan's physical commodities trading business for a reported US$3.5 billion. Magid Shenouda, the former co-head of commodities trading at Goldman Sachs Group Inc, joined Mercuria as a shareholder, global head of trading and deputy CEO. In January 2016, Mercuria announced that ChemChina had bought a 12% stake in the company. Mercuria also acquired the reorganized

Aegean Marine Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland. It was founded in 2019 as a wholly owned subsidiary of Mercuria Energy Group. It quickly absorbed the larger Aegean Marine Petroleum Net ...

which was renamed

Minerva Bunkering Minerva Bunkering is a supplier of marine fuels and bunkering services headquartered in Geneva, Switzerland. It was founded in 2019 as a wholly owned subsidiary of Mercuria Energy Group. It quickly absorbed the larger Aegean Marine Petroleum Ne ...

. In 2019, Mercuria acquired bankrupt Aegean Marine Petroleum Network Inc and restructured the company to operate as

, a leading global physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited. In 2020, Mercuria had its best year ever, earning $786 million with revenues in line with commodity prices to about $85 billion. The company's gross profit on sales for the year was $1.86 billion. In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million. In November 2022, it was announced Beyond6 has been acquired by the

Chevron Corporation Chevron Corporation is an American multinational energy corporation. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California (shortened to Socal or CalSo), it is headquartered in S ...

subsidiary, Chevron USA Inc.

Subsidiaries

* Mercuria Commodities Canada Corporation *

* Mercuria Energy Netherlands B.V. ** Unico Investments B.V. * Mercuria Energy Group Holding * Mercuria Investments US * Mercuria Energy Asset Management B.V. * Mercuria (China) Metal Resources Co Ltd *

J.P. Morgan JP may refer to: Arts and media * ''JP'' (album), 2001, by American singer Jesse Powell * ''Jp'' (magazine), an American Jeep magazine * ''Jönköpings-Posten'', a Swedish newspaper * Judas Priest, an English heavy metal band * ''Jurassic Park ...

Energy Europe Ltd *

Upstream Upstream may refer to: * Upstream (bioprocess) * ''Upstream'' (film), a 1927 film by John Ford * Upstream (networking) * ''Upstream'' (newspaper), a newspaper covering the oil and gas industry * Upstream (petroleum industry) * Upstream (software ...

Capital Partners VI Limited * AU Energy B.V. * Mercuria Energy Group Holding SA * Mercuria UK Llp

References

{{Reflist

External links

Mercuria Energy Website
Oil and gas companies of Switzerland Oil traders Swiss companies established in 2004 Non-renewable resource companies established in 2004 Multinational companies headquartered in Cyprus Oil and gas companies of Cyprus

Operations

History

Subsidiaries

Further reading

References

External links