GENEVA, December 15, 2014 /PRNewswire/ --
Energy Leader Expands Fuel Oil Business and Service Offerings
Mercuria, the leading energy and commodities group, announced it has hired more than 40 marine fuel specialists from Denmark-based OW Bunker, the bankrupt ship fuel supplier.
"This is a natural expansion of our robust fuel oil trading infrastructure," said Magid Shenouda, Mercuria's group head of trading. "By adding these talented professionals to our ranks, we build upon Mercuria's skill sets and relationships in the physical fuel oil business, continue to expand the services we provide to customers and add stability and reliability to the global ship fuel market by providing services and expertise to those that rely on knowledge of the energy space."
The dozens of specialists joining Mercuria will be responsible for supplying bunker fuel to consumers - expanding the services Mercuria offers as a physical commodities and energy trader. With the addition of these ship fuel experts, Mercuria will explore the development of a stand-alone subsidiary, Minerva, which will ensure the quality and delivery of energy needs to marine vessels.
To house the additional specialists, Mercuria will open new offices in Korea, Greece, and Japan and add staff to growing offices in Houston and Geneva, complementing the extensive global network of trading floors and representative offices. With existing and additional staff, Mercuria will continue to provide the reassurance of delivering fuel on specification and on time.
"With many years of experience in ship fuel management, these individuals have specialized skills to help reduce marine fuel price risk and control costs for counterparties," continued Shenouda. "Today, the Mercuria team has in-depth awareness of market developments in all the major oil trading forums. We have both a global perspective as well as local insight into real time market dynamics."
Mercuria is a leading energy and commodity group. With a 2013 turnover of USD 112 billion, the Group, primarily focused on energy, is present all along the commodity value chain with activities forming a balanced combination of commodity flows and strategic assets. More than 1,000 people are operating from offices worldwide to sustain the Group's extensive business reach with their market knowledge, diversity, and experience. The group recently completed the acquisition of the physical commodities trading unit of J.P. Morgan Chase and Co.
For more information, visit http://www.mercuria.com.
SOURCE Mercuria Energy Group