Italian energy group Eni and Swiss trader Mercuria agreed to form a 50:50 joint venture for global energy commodities trading.
The independent entity will establish its headquarters in Geneva, Switzerland.
The venture will trade crude oil, refined fuels, biofuels, natural gas, and liquefied natural gas (LNG).
Eni aims to enhance its trading capabilities to better capitalize on volatile energy markets.
The strategy mirrors profitable models used by competitors BP and Shell.
The partnership integrates Eni's energy assets with Mercuria's expertise to manage supply chain logistics and risk.