Exclusive-State-backed Chinese fund buys stake in energy trader Mercuria

📆 2/22/2023 7:34 PM
📰 ChannelNewsAsia

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LONDON : A subsidiary of China's CNIC Corp has bought a minority stake in Swiss-based global energy trader Mercuria, sources familiar with the matter said. China has hired dozens of traders from global firms to work for its state commodities companies as it expanded in sectors ranging from oil to metals a

LONDON : A subsidiary of China's CNIC Corp has bought a minority stake in Swiss-based global energy trader Mercuria, sources familiar with the matter said.

The CNIC subsidiary bought the stake of just under 5 per cent in Mercuria last year, the sources said. CNIC did not respond to requests for comment. Mercuria declined to comment on the record for this story. Mercuria pledged in 2020 that 50 per cent of its new investments would go into renewable energy for the next five years and it teamed up with U.S. private equity firms to set up a $1.5 billion fund for clean energy such as solar power.

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