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Mercuria

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For the gastropod, see Mercuria (gastropod).
Mercuria Energy Group Ltd.
FormerlyJ&S Group
Company typePrivate
IndustryCommodity
Founded2004; 20 years ago (2004)
FoundersMarco Dunand (CEO)
Daniel Jaeggi (president)
HeadquartersGeneva, Switzerland
Number of locations
37
Area served
Global
ProductsRaw materials
Energy products
RevenueUS$174 billion (2022)
  • Increase US$2.98 billion (2022)
[1]
Number of employees
1,200 (2020)
Websitewww.mercuria.com

Mercuria Energy Group Ltd. is a Cypriot-domiciled Swiss[2] multinational commodity trading company active in a wide spectrum of global energy markets including crude oil and refined petroleum products, natural gas (including LNG), power, biodiesel, base metals[3] and agricultural products.[4] 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.[5] The group operates in 50 different countries.[6]

Mercuria was started in 2004 by Marco Dunand and Daniel Jaeggi, then executives at Phibro, the commodities trader sold by Citigroup to Occidental Petroleum in 2009.[7] The company focused mostly on oil trading until 2007.[8] Prior to this, Mercuria was assumed control of J&S Group, which was named after the Polish businessmen Gregory Jankilevitsch and Wiaczeslaw Smolokowski.[9][10] They and their affiliates joined as founders of Mercuria, and they remain as shareholders today.[11]

Operations

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Mercuria, in 2017, moved about 1.5 million barrels per day (240,000 m3/d), 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.[12]

Its subsidiaries include Navitas Energy in Canada[13] and Vesta Terminal Services in Europe,[14] 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 by selling 50% of the terminals in 2013.[15]

Mercuria is active players in energy and renewable markets through investments in the energy transition, with a particular focus on the United States and Europe.[16] The company told Bloomberg that half of its portfolio wiould be in renewables in the next five years, and that it had already committed to invest over $2 billion into the energy transition.[16]

History

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As the company expanded, it has hired traders and investment professionals from Morgan Stanley, Goldman Sachs, Louis Dreyfus Group[17] and Electrabel in London.[18] In November 2010, Mercuria Energy bought MGM International Group from Morgan Stanley Capital Group Inc. and MGM International LLC.[19] 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.[20][21] 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.[22]

In January 2016, Mercuria announced that ChemChina had bought a 12% stake in the company.[23]

In 2018, Mercuria agreed to acquire 30% of Aegean Marine Petroleum.[24] After Aegean Marine was reorganized,[25][26] in 2019, Mercuria acquired bankrupt Aegean Marine Petroleum Network Inc and restructured the company to operate as Minerva Bunkering, a physical supplier of marine fuels and a fully-owned subsidiary of Mercuria Energy Group Limited.[27][28][29][30]

In 2020, Mercuria earned $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.[31][32] In 2022, the company experienced record profits due to volatility in the aftermath of Russia's invasion of Ukraine.[33]

In 2021, Mercuria bought the clean energy specialist Beyond6 from HC2Holdings for $169 million.[34] In November 2022, it was announced Beyond6 has been acquired by the Chevron Corporation subsidiary, Chevron USA Inc.[35] In April 2024, Bloomberg reported that Mercuria Energy Group was preparing to start trading in Japan’s physical power market.[36] In June 2024, the company was reportedly seeking to expand in the metals sector.[37]

Subsidiaries

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  • Mercuria Commodities Canada Corporation[38]
  • Minerva Bunkering
  • Mercuria Energy Netherlands B.V.[39]
    • Unico Investments B.V.
  • Mercuria Energy Group Holding
  • Mercuria Investments US
  • Mercuria Energy Asset Management B.V.
  • Mercuria (China) Metal Resources Co Ltd[40]
  • J.P. Morgan Energy Europe Ltd
  • Upstream Capital Partners VI Limited
  • AU Energy B.V.
  • Mercuria Energy Group Holding SA
  • Mercuria UK Llp

Further reading

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  • Goldthau, Andreas; Hughes, Llewelyn (2020). "Saudi on the Rhine? Explaining the emergence of private governance in the global oil market". Review of International Political Economy. 28 (5): 1410–1432. doi:10.1080/09692290.2020.1748683. ISSN 0969-2290.

References

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  1. ^ Payne, Julia (March 21, 2023). "Mercuria 2022 profit more than doubles to a record high -document". Reuters. Retrieved October 26, 2024.
  2. ^ "Oil Traders and Cyprus". Financial Times. 26 March 2013. Retrieved 3 August 2021.
  3. ^ "China slowdown spells end of big payday for iron ore traders". Reuters. 10 September 2013. Retrieved 14 November 2017.
  4. ^ "RPT-Oil traders diversify into food and metals in quest for profits". Reuters. 18 June 2013. Retrieved 14 November 2017.
  5. ^ "Documents & downloads". www.mercuria.com.
  6. ^ "Working at Mercuria". www.mercuria.com.
  7. ^ Guerrera, Francisco (15 February 2009). "Citi sells Phibro after government pressure". Financial Times. Retrieved 3 August 2021.
  8. ^ "Oil trading". risk.net. June 2016. Retrieved November 15, 2017.
  9. ^ Hoffman, Andy (Aug 31, 2018). "Oil Trader Mercuria's Ownership Structure Revealed in Filing". bnnbloomberg.ca.
  10. ^ Hume, Neil (September 4, 2018). "Top three executives lift stake in Mercuria". Financial Times.
  11. ^ "Polskie obywatelstwo i fortuna zbita na ropie" [The Polish government and fortune tellers]. Forbes (in Polish). 23 May 2016. Retrieved 14 November 2017.
  12. ^ "Oul and Mining Areas". proshareng.com. Retrieved November 15, 2017.
  13. ^ "Oil and Gas, PetroLama Energy Canada Inc. Calgary, AB Home". Navitasenergy.com. Retrieved 14 November 2017.
  14. ^ "Home - Vesta Terminals". Vestaterminals.com. Retrieved 14 November 2017.
  15. ^ "Prior notification of a concentration (Case COMP/M.6807 — Mercuria Energy Asset Management/Sinomart KTS Development/Vesta Terminals) : (Text with EEA relevance)" (PDF). Eur-lex.europa.eu. Retrieved 14 November 2017.
  16. ^ a b Hoffman, Andy; Dezem, Vanessa (16 June 2021). "Oil traders say banks are demanding green targets for loans". Bloomberg. Retrieved 2021-07-28.
  17. ^ "Louis Dreyfus metal traders, investment managers will join Mercuria Energy". Metalbulletin.com. Retrieved 14 November 2017.
  18. ^ "Larnaca, Cyprus". Topix.com. Retrieved 14 November 2017.
  19. ^ "Mercuria Energy Group Ltd buys MGM International from Morgan Stanley - CEOWORLD magazine". ceoworld.biz. 3 November 2010. Retrieved 14 November 2017.
  20. ^ Kent, Sarah; Chaudhuri, Saabira (2014-10-03). "J.P. Morgan Completes Sale of Some Commodities Operations to Mercuria". Wall Street Journal. Retrieved 14 November 2017.
  21. ^ Zhdannikov, Dmitry (19 March 2014). "JPMorgan sells physical commodities unit to Mercuria for $3.5 billion". Reuters. Retrieved 2021-08-03.
  22. ^ "Mercuria Energy Hires Magid Shenouda". Wall Street Journal.
  23. ^ Hoffman, Andy; Blas, Javier (18 January 2016). "ChemChina Acquires 12% Stake in Swiss Commodity Trader Mercuria". Bloomberg. Retrieved 2021-08-03.
  24. ^ Mercuria Energy Completes Aegean Marine Petroleum $1B Refi, ABF Journal, 6 July 2018
  25. ^ "Aegean Marine Is Now Minerva Bunkering". Ship & Bunkering. 2019-04-04. Retrieved 2019-09-12.
  26. ^ "Restructured Aegean Marine Becomes Minerva Bunkering". World Maritime News. 2019-04-05. Retrieved 2019-09-12.
  27. ^ Payne, Julia (2019-03-27). "Energy trader Mercuria gets green light to buy Aegean Marine Petroleum". Reuters. Retrieved 2021-08-04.
  28. ^ "Aegean Marine Petroleum Network Inc. Reorganizes as Minerva Bunkering". www.mercuria.com. Retrieved 2021-08-04.
  29. ^ Ship; bunker.com. "Aegean Marine is Now Minerva Bunkering". Ship & Bunker. Retrieved 2021-08-04.
  30. ^ "Restructured Aegean Marine Becomes Minerva Bunkering". Offshore Energy. 2019-04-05. Retrieved 2021-08-04.
  31. ^ Payne, Julia (30 June 2021). "Energy trader Mercuria posts record profit for volatile 2020". Reuters. Retrieved 3 August 2021.
  32. ^ Hoffman, Andy (9 March 2021). "Trader Buys $36 Million of Copper and Gets Painted Rocks Instead". Bloomberg. Retrieved 30 June 2021.
  33. ^ Desai, Pratima (September 27, 2024). "Focus: Mercuria blazes trail for energy traders eyeing a metals bonanza". Reuters. Retrieved October 26, 2024.
  34. ^ Taylor, Ian (7 January 2021). "Mercuria Buys Clean Energy Specialist Beyond6". Bunkerspot.
  35. ^ "Chevron to acquire full ownership of Beyond6 CNG Fuelling Network". Oilfield Technology. 2022-11-18. Retrieved 2022-11-18.
  36. ^ Mercuria joins trader push into Japan's spot electricity market, Bloomberg, 5 April 2024
  37. ^ Energy trader Mercuria hires Goldman Sachs' Snowdon for metals team, Reuters, 14 June 2024
  38. ^ "Mercuria Commodities Canada Corp. - Relationship Science". relationshipscience.com. Retrieved 2021-08-04.
  39. ^ "Mercuria Energy Trading B.V." Dun & Bradstreet.
  40. ^ "Mercuria Grows its Global Metals Trading Business". www.mercuria.com. Retrieved 2021-08-04.
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