PetroChina, one of China’s largest oil and gas companies, is forming a new team to begin trading metals essential for the energy transition, including copper and lithium.
Richard Fu, a Trading Manager, announced his hiring in a LinkedIn post, revealing that he will help PetroChina International (London) Co., Limited launch its new business. Fu expressed his excitement about starting the company’s green energy metals and minerals business, which will involve trading physical and paper copper, lithium, and other key metals.
An anonymous source with knowledge of the company’s plans told Reuters that PetroChina may also add nickel to its trading portfolio. The company is also considering trading carbon and electricity in European markets.
This move marks PetroChina’s latest expansion into metals trading, following a trend among major energy companies. In recent months, several energy trading firms have entered the metals market or resumed trading in battery metals.
For example, Vitol Group, the world’s largest independent oil trader, is also branching out into energy transition metals like copper, iron ore, and aluminum. CEO Russell Hardy shared at the Financial Times Commodities Asia Summit that Vitol sees oil demand peaking in the next decade. As electrification grows, Vitol plans to leverage its trading expertise in metals.
Other top independent oil traders are also focusing on metals and agriculture to capitalize on market volatility and the expected long-term supply shortages.
Related Topics:
- Renewables to Surpass Fossil Fuels in UK Power Supply
- Russia’s Yamal LNG Introduces New Tanker for Barents Sea Transshipments
- The New Trillion-Dollar Asset in Energy Markets