November 1, 2019 / 10:28 AM / 4 months ago

Trafigura opens renewables division in energy transition push

LONDON, Nov 1 (Reuters) - Trafigura opened a new power and renewables trading desk as part of an energy transition push that is prompting trading houses and oil firms to look for ways to diversify away from fossil fuels into greener energy, the trading house said on Friday.

Bloomberg was first to report about the move.

"The new division will include a power trading platform, initially focusing on Europe and the United States," a Trafigura spokesman said.

"It will also focus on securing sourcing of power through investments in different types of generation across the world where it complements Trafigura’s oil and gas Division, and will grow the investments in renewables and in energy generation".

The new division will be directed by Julien Rolland, who is also running iron ore, with the support of Joshua Grizzle in the U.S. and Robert Gillon in the UK.

Gillon has stepped down as co-head of oil and from Trafigura's management committee to focus on power and renewables.

His position as co-head of oil and within the management committee was taken by Hadi Hallouche, who has been previously running Trafigura's liquefied natural gas business and Asian oil. (Reporting by Dmitry Zhdannikov; Editing by Simon Cameron-Moore)

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