– Mercuria Vitality Group on Friday reported document annual web revenue for 2021 of $1.255 billion, in contrast with $786 million web revenue in 2020.
The Geneva-based agency elevated its funding in an power transition to greater than $1 billion, CFO Guillaume Vermersch stated in an announcement.
This adopted a growth 12 months for the agency in 2020 and excessive volatility in oil markets as a result of pandemic, along with sturdy returns throughout its portfolio, notably fuel and energy.
In 2021, oil costs rose round 50% spurred by a world financial restoration from the pandemic stoop and producer restraint, at the same time as infections reached document highs worldwide. [O/R]
Mercuria, based in 2004, is among the many high 5 international oil merchants, shifting round 2 million barrels per day of oil and refined merchandise.
The agency additionally elevated its investments in the direction of power transition, exceeding $1 billion, in 2021, the corporate stated.
Reuters reported in July final 12 months that Mercuria was aggressively increasing its power transition enterprise, snapping up workers from oil majors BP and Shell.
In the meantime, earlier this month, a European power commerce physique comprising high power merchants Vitol, Trafigura, Mercuria and Gunvor, requested governments and monetary establishments for emergency liquidity to assist power markets address the acute volatility brought on by Russia’s invasion of Ukraine.
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