Eni (E) said Wednesday it agreed with Mercuria to establish an equally owned joint venture to oversee energy commodities trading activities across global markets.

The independently operated venture will handle selected energy commodities trading and commercialization activities, including oil, biofuels, natural gas, LNG, and related logistics and infrastructure rights.

The partnership aims to expand the companies' trading footprint, improve efficiency and risk management, and boost value creation by combining their complementary assets and trading expertise, Eni added.