Global commodity trader Mercuria is snapping up staff from BP and Shell to expand its energy transition business, Reuters reported, citing sources familiar with the matter. The hires underline the rush among energy companies to recruit employees with expertise in renewable fuels and carbon trading. Rivals Gunvor and Trafigura are also looking to expand their businesses specialising in trading renewable fuels.
The sources said Mercuria had recruited at least two ex-Shell employees and five former BP staff. Most of them joined the Geneva-based company this month. Mercuria has been trading biofuels since 2006. The company operates a European plant that processes used cooking oil to produce biodiesel. Mercuria earlier collaborated with US private equity firms to invest up to $1.5 billion in renewable projects.
