Mercuria Energy Group Ltd has bought back the shares previously held by CNIC Corp, ending nearly a decade of minority ownership by a Chinese state-linked investor in one of the world’s largest commodity trading firms.
According to documents, CNIC no longer holds any shares in Mercuria’s holding company. The firm’s billionaire co-founders, Marco Dunand and Daniel Jaeggi, have increased their combined stake to 68.21%, up from around 64% a year ago.
The change in ownership comes at a time when global commodity supply chains have become increasingly politicised, particularly amid rising tensions between China and the United States. Markets ranging from oil to copper and soybeans have been affected, and major trading houses such as Mercuria are facing greater scrutiny as commodities take centre stage in geopolitical strategy.
CNIC, a state-backed fund, acquired just under 5% of Mercuria in late 2022. The investment followed Mercuria’s earlier repurchase of a 12% stake from ChemChina, another Chinese state-linked company that had invested in 2016. Documents show that 4.99% of Mercuria’s shares are now classified as treasury shares.
Dunand and Jaeggi have strengthened their control over the company in recent years, particularly after senior executive Magid Shenouda departed in 2024. Although Mercuria brought in three senior leaders as part of a management transition, one has since left the firm.
The co-founders have been major beneficiaries of the commodity trading boom triggered by Russia’s invasion of Ukraine, with Mercuria paying out US$5.5 billion (RM21.54 billion) in dividends over the past three years.
Mercuria, which began as a trader of Russian oil into Poland, has grown into one of the world’s leading commodity houses, with significant operations in gas, power and metals.
The company is among three trading firms selected to help manage purchases for a US$12 billion US stockpile aimed at countering China’s dominance in critical metals supply chains. It is also reportedly seeking to trade Venezuelan oil under a US permit, following a recent licence expansion that excludes companies owned or controlled by Chinese shareholders.
Mercuria traces its roots to J&S Group, founded by Gregory Jankilevitsch and Wiaczeslaw Smolokowski. The two founders, together with early investor and trader Vadim Linetskiy, now hold a combined 7.25% stake in the holding company, down from 11.2% in 2018.
Employees collectively own 18.55% of the company through a share ownership plan, while Han Jin, Mercuria’s head of Asia, retains a 1% stake.
A Mercuria spokesperson declined to comment. CNIC did not immediately respond to requests for comment.
