Mercuria Energy Group
A privately held global energy and commodity trading group headquartered in Geneva.
Last updated August 31, 2026
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Overview
Mercuria Energy Group is a privately held international energy and commodity trading company headquartered in Geneva, Switzerland. Founded in 2004 by Marco Dunand and Daniel Jaeggi, former Phibro executives, the group initially concentrated on crude oil and refined petroleum products before expanding into natural gas, liquefied natural gas, electricity, coal, biodiesel, metals, agricultural commodities and energy-related infrastructure. Its business combines physical trading, logistics, storage, processing, asset ownership and investment activities rather than relying solely on financial market intermediation. The company developed during a period when independent commodity merchants were expanding their role between producers, refiners, utilities, industrial customers and consumers. Mercuria built its early oil business through trading relationships, recruitment of experienced market professionals and the acquisition of operating platforms. It assumed control of the J&S Group in its early development, and later acquired MGM International Group from Morgan Stanley Capital Group and MGM International LLC in 2010. These transactions broadened its trading capabilities and physical-market reach. A major turning point came in 2014, when Mercuria acquired part of JPMorgan’s physical commodities business. The transaction added trading activities, personnel and infrastructure across several commodity markets. Magid Shenouda, formerly Goldman Sachs’s co-head of commodities trading, joined the group as a shareholder, global head of trading and deputy chief executive. In 2016, ChemChina acquired a minority stake of approximately 12 percent in Mercuria, creating a strategic relationship with a major Chinese industrial group. Mercuria’s operating footprint includes upstream interests, terminals, storage facilities, processing assets and marine-fuel supply. The group has participated in oil production and reserves in North America and Argentina, while its infrastructure interests have included European and Chinese terminals. Through Vesta Terminal Services and related businesses, it has operated or invested in port logistics, storage and processing facilities in countries including the Netherlands, Estonia, Belgium and Germany. Its marine-fuels platform, Minerva Bunkering, was formed after Mercuria acquired and reorganized Aegean Marine Petroleum Network following that company’s bankruptcy proceedings. The group has also sought to reposition itself for the energy transition. Its activities include renewable power, biofuels, clean-energy development and other lower-carbon investments. Mercuria acquired the clean-energy specialist Beyond6 in 2021, although that business was subsequently sold to Chevron in 2022. The company has publicly described an intention to direct a substantial share of its portfolio toward renewables, particularly in the United States and Europe. This transition strategy operates alongside continuing participation in oil, gas, power and other conventional commodity markets. Mercuria is generally described as one of the world’s largest independent energy traders and asset operators. It has offices across multiple regions and conducts business in dozens of countries. Its private ownership structure allows it to pursue acquisitions, physical assets and long-term market positions without the disclosure obligations of a publicly listed company, although many transaction details and financial figures are reported by business media or disclosed in connection with specific deals. Recent reported initiatives have included preparation for entry into Japan’s physical power market, expansion in metals and a 2026 bid for an Argentine refinery and service-station portfolio. The group’s present identity is therefore that of a diversified energy merchant combining global trading, infrastructure ownership and selective investment in energy-transition businesses.
History
Mercuria was established in 2004 in Geneva by Marco Dunand and Daniel Jaeggi, who had previously worked as executives at Phibro, a commodities trading business. The founders created the company with associates connected to the J&S Group, whose shareholders included Polish businessmen Gregory Jankilevitsch and Wiaczesław Smołokowski. Mercuria’s initial business was concentrated on oil trading, particularly crude oil and refined products. During its first years, Mercuria expanded by recruiting professionals from established financial and commodity institutions, including Morgan Stanley, Goldman Sachs, Louis Dreyfus Group and Electrabel. The group also developed a physical operating base rather than remaining a purely paper-trading business. It built or acquired interests in upstream assets, terminals, storage, processing and logistics, giving it greater control over the movement and delivery of commodities. In 2010, Mercuria acquired MGM International Group from Morgan Stanley Capital Group and MGM International LLC. The deal strengthened its presence in international energy trading. In 2013, the company entered a joint venture with Sinopec involving a 50 percent interest in terminal assets, broadening its connection to Chinese energy infrastructure and international storage operations. The most consequential expansion occurred in 2014, when Mercuria acquired part of JPMorgan’s physical commodities-trading business in a transaction widely reported at approximately US$3.5 billion. The acquisition added businesses, personnel and market infrastructure across energy and other commodity sectors. Magid Shenouda joined Mercuria as a shareholder, global head of trading and deputy chief executive after serving as Goldman Sachs’s co-head of commodities trading. In January 2016, ChemChina acquired a 12 percent stake in Mercuria. The investment linked the independent merchant with a major Chinese industrial and chemical group while preserving Mercuria’s private-company structure. The group continued to expand its physical footprint through businesses such as Navitas Energy in Canada and Vesta Terminal Services in Europe. Its assets and activities reached across North America, Europe, China and Argentina. Mercuria entered the marine-fuels sector through its involvement with Aegean Marine Petroleum. In 2018, it agreed to acquire 30 percent of Aegean Marine. After Aegean Marine entered financial distress and was reorganized, Mercuria acquired the bankrupt company in 2019 and restructured it as Minerva Bunkering, a wholly owned physical marine-fuel supplier. This created a dedicated platform serving shipping customers and complemented the group’s broader logistics and fuel-trading operations. The company’s scale grew alongside periods of substantial commodity-market volatility. Reported 2020 results included approximately US$786 million in earnings and revenue of about US$85 billion, while the group experienced record profitability in 2022 amid the extreme energy-market disruption following Russia’s invasion of Ukraine. Such figures are not directly comparable across years because commodity prices, trading volumes and valuation conditions strongly affect the revenue and earnings of physical merchants. From the late 2010s onward, Mercuria increased its focus on energy-transition opportunities. It invested in renewable power, biofuels and clean-energy infrastructure, particularly in the United States and Europe. In 2021, it bought Beyond6, a clean-energy specialist, from HC2 Holdings. Beyond6 was later acquired by Chevron in 2022. Mercuria has stated that a significant portion of its portfolio was intended to move toward renewables, while the group continued to trade and invest in oil, gas, power and other conventional commodities. In the 2020s, Mercuria continued to diversify geographically and by product. It was reported to be preparing to enter Japan’s physical power market in 2024 and seeking additional growth in metals. In early 2026, it reportedly bid for an Argentine refinery and service-station portfolio owned by Raízen. The group’s historical development therefore reflects a progression from an oil-trading start-up to a broad independent merchant with global trading operations, physical infrastructure, marine fuels and an expanding energy-transition portfolio.
- 2022
Beyond6 is sold to Chevron
[1]Chevron acquires Beyond6 from Mercuria.
- 2021
Beyond6 acquisition
[1]Mercuria acquires Beyond6 to strengthen its clean-energy and renewable-fuels activities.
- 2019
Minerva Bunkering is established
[1]Mercuria completes the acquisition and restructuring of Aegean Marine Petroleum Network, operating the marine-fuel business as Minerva Bunkering.
- 2016
ChemChina takes a minority stake
[1]ChemChina acquires an approximately 12 percent interest in Mercuria.
- 2014
JPMorgan physical commodities transaction
[1]Mercuria acquires part of JPMorgan’s physical commodities-trading business, substantially expanding its global platform.
- 2013
Terminal joint venture with Sinopec
[1]Mercuria sells half of certain terminal interests to Sinopec and establishes a joint venture covering storage and related infrastructure.
- 2010
MGM International Group acquisition
[1]Mercuria acquires MGM International Group from Morgan Stanley Capital Group and MGM International LLC.
- 2004
Mercuria is founded
[1]Marco Dunand and Daniel Jaeggi establish Mercuria after careers at Phibro, initially focusing the company on oil trading.
Products and positioning
An independent, vertically integrated energy and commodity merchant combining global physical trading with logistics, infrastructure, asset ownership and energy-transition investments.
Oil trading · 2004
Crude oil and refined petroleum products
Mercuria’s original and historically central business is the physical trading of crude oil and refined petroleum products. The activity connects producers, refiners, storage operators, transport providers and end users across international markets. It is supported by access to upstream interests, terminals, shipping and regional distribution infrastructure.
Gas trading
Natural gas and LNG
The group trades natural gas and liquefied natural gas as part of its broader energy portfolio. These activities include physical supply, transportation, storage and market optimization, although the precise scope and regional mix can vary with market conditions and available infrastructure.
Electricity trading
Power
Mercuria participates in electricity markets and has expanded its interest in power trading alongside renewable-energy investments. Its reported preparation to trade physical power in Japan illustrates an effort to extend its power-market presence geographically.
Energy transition
Biofuels and renewable energy
Mercuria invests in biofuels, renewable power and other lower-carbon energy businesses. Its portfolio has included biofuel plants in Germany and the Netherlands and the clean-energy specialist Beyond6. These activities support the group’s stated objective of directing a growing share of its business toward the energy transition.
Bunkering · 2019
Marine fuels
Minerva Bunkering supplies physical marine fuels to the shipping industry. It emerged from Mercuria’s acquisition and restructuring of Aegean Marine Petroleum Network and provides a specialized platform within the group’s global fuels and logistics activities.
Commodity trading
Metals and agricultural commodities
Mercuria also trades or invests in base metals and agricultural commodities. These businesses diversify the company beyond energy, while reported interest in further metals expansion indicates that the sector remains a potential growth area.
Brand decisions
2024
Expand into Japan’s physical power marketStrategyBackground
Mercuria sought additional geographic growth in electricity trading as Asian power markets became more important to global energy merchants.
Action taken
The company was reported to be preparing to begin trading physical power in Japan.
2021
Increase investment in the energy transitionStrategyBackground
Mercuria responded to the changing energy system by increasing its emphasis on renewables, biofuels and lower-carbon infrastructure while retaining conventional energy trading activities.
Action taken
The group acquired Beyond6 and stated that a substantial portion of its portfolio would be allocated to renewable energy over the following years.
Aftermath
Beyond6 was later sold to Chevron, while Mercuria continued to describe energy-transition investment as a strategic focus.
2019
Reorganize Aegean Marine as Minerva BunkeringM&ABackground
Aegean Marine Petroleum Network entered bankruptcy-related restructuring after Mercuria had agreed to acquire a minority stake.
Action taken
Mercuria acquired the reorganized business and operated it as Minerva Bunkering, a wholly owned marine-fuel supplier.
Aftermath
The transaction gave Mercuria a dedicated global bunkering platform and extended its presence in physical fuels and maritime logistics.
2014
Acquire part of JPMorgan’s physical commodities businessM&ABackground
Mercuria sought to accelerate its expansion from an oil-focused merchant into a larger, multi-commodity physical trading group.
Action taken
It acquired part of JPMorgan’s physical commodities operations in a transaction reported at approximately US$3.5 billion and added senior commodities executive Magid Shenouda to its leadership and shareholder group.
Aftermath
The deal materially broadened Mercuria’s trading capabilities, personnel base and physical-market infrastructure.
Reported transaction value. Approximately US$3.5 billion (2014)
Recent events
Jervois Finland executes US$75 million facility agreement with Mercuria[3]
Reported:
Jervois Finland entered a secured loan facility with Mercuria for an initial maximum amount of US$75 million. Jervois described execution of the facility agreement as evidence of a commercial partnership between the parties.
TechMet closes $120 million equity funding round[4]
Reported:
TechMet announced that it had closed its second equity fundraising at $120 million, 50% above its $80 million target.
Mercuria signs US$720 million revolving credit facilities[5]
Reported:
Mercuria signed US$720 million in revolving credit facilities, arranged by a group of banks, to refinance maturing syndicated facilities and for general corporate and working capital purposes.
Sources5 sources
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