Energy trader Mercuria is set to onboard Steve Hill, the former head of LNG at Shell renowned for overseeing the world’s largest LNG trading business, as the trading house intensifies its focus on liquefied natural gas (LNG). The move comes as Mercuria’s owners, Marco Dunand and Daniel Jaeggi, aim to bolster their talent pool to capitalize on two consecutive years of exceptional profits, with the company achieving a record $3 billion in 2022.
The surge in LNG demand has proven lucrative for commodity traders with substantial portfolios, particularly following the disruption in Europe’s gas market post-Russia’s invasion of Ukraine in 2022, leading to a surge in prices due to the loss of Russian pipeline gas deliveries. Despite its late entry into the LNG sector compared to competitors like Trafigura, Gunvor, and Vitol, Mercuria has been strategically expanding its LNG presence since establishing a desk in 2019. While Mercuria has not disclosed its LNG traded volumes, the hiring of industry veteran
Steve Hill signifies the company’s commitment to further strengthening its position in the LNG market. Additionally, Mercuria is set to welcome banker Nick O’Kane from Macquarie later this year as part of its strategic growth plans.