Vitol is to acquire Hong-Kong based Noble Group for $209m (£163.3m).
The world’s largest oil trader run by British businessman Russell Hardy trades over 7m barrels a day.
Hardy has overseen stellar results since becoming chief executive in 2018, making more than $28billion (£21.9billion) profit in the past two years – the most profitable period in commodity trading history.
Expansion: Vitol is run by British businessman Russell Hardy trades over 7m barrels a day
Hardy aims to expand its coal and metal trading. Just 0.25 per cent of its $402billion (£314billion) turnover came from coal in 2023.
Noble traded 35m tons of coal last year and is a leader in metals trading.
Coal is still the main source of global energy production as Europe slowed transition to clean energy after war in Ukraine.
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