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According to a statement by Eni on Wednesday, the joint venture, equally owned by Eni and Mercuria, will operate on an independent and unconsolidated basis through a holding structure with international trading hubs.
It will cover certain commercialization and trading activities including, but not limited to, commodities such as oil, biofuels, gas, LNG, and related logistics and infrastructure rights.
“Both companies believe that this joint venture will create significant growth opportunities, enabling the partners to unlock synergies and pursue joint development initiatives, while leveraging their asset portfolios and trading capabilities to build a leading global trading player,” Eni said.
The initiative is part of Eni’s broader evolution of its portfolio and trading model, aiming to enhance asset management, accelerate cash flow generation from trading activities, and increase value capture across the entire value chain.
The objective is to maximize value along the entire value chain by combining the strengths of both organizations, integrating the optimization of the physical asset portfolio with advanced trading capabilities and expertise.
Eni noted that the completion of the transaction remains subject to customary regulatory approvals and other conditions precedent.
“The strategic rationale of this joint venture is to expand our trading footprint, enhance profitability for both partners, and generate long-term value through operational efficiency and robust risk management,” Stefano Pujatti, director, global trading at Eni, said.
“This partnership brings together two highly complementary organizations with a shared long-term vision for energy markets. By integrating physical energy flows with world-class trading, logistics, and risk management capabilities, we will create a more agile and efficient platform that maximizes value across the supply chain,” Marco Dunand, CEO of Mercuria, said.