Eni announced plans to form a commodities trading joint venture with Swiss trading firm Mercuria, splitting the business equally as the Italian energy major seeks to compete with European rivals. The move marks Eni's push into trading operations that have generated billions for competitors. Mercuria, founded in 2004, has grown into one of the sector's largest independent players.

The joint venture will operate independently and trade oil, gas, liquefied natural gas and biofuels. Eni aims to replicate the success of trading desks at BP, Shell and TotalEnergies, which have captured significant profits during market volatility. These operations have proven particularly lucrative when geopolitical events disrupt supply chains and pricing.

Trading desks at major energy companies have delivered substantial returns during recent market dislocations, including Middle East conflicts that threatened shipping routes like the Strait of Hormuz. The volatility created opportunities for traders to profit from price swings and supply disruptions across global energy markets.

This partnership gives Eni immediate access to Mercuria's established trading infrastructure and expertise. The joint venture structure allows Eni to scale trading operations without building from scratch while sharing risks and capital requirements equally with its Swiss partner.