March 20, 2018 / 9:01 AM / a year ago

UPDATE 1-Mercuria's 2017 traded oil volumes up, net asset value rises

(Adds context, quotes from CFO)

LONDON, March 20 (Reuters) -

* Mercuria Group’s net asset value rose to $3.08 billion in 2017 from $2.88 billion as its structured trade finance division grew, the Swiss-based energy trader said on Tuesday

* “Our structured trade finance division is really taking off after a two-year effort to build up the team,” CFO Guillaume Vermersch said

* Vermersch pointed to a few recent structured deals with North Sea producers EnQuest and Tailwind Energy as well as Indonesia’s Ramba Energy and Toronto-listed TransGlobe Energy to support their Egyptian assets

* Gross profit fell to $674 million from $716 million

* Gross revenue rose to $104 billion from $91 billion

* Mercuria’s traded volumes of crude and refined products rose to 121 million tonnes from 105 million tonnes on increased sales to shareholder Chemchina’s system and sales from storage to take advantage of the global oil market price structure flipping into backwardation

* Gas and power volumes fell while metals/mining and carbon edged higher after halving in 2016

* Vermersch said that 2017 figures did not yet include gas and power volumes from the purchase of Noble Group’s gas and power business in the United States

* He added that Mercuria would build up metal concentrates, for instance, the company recently won part of a tender for zinc with Australia’s New Century (Reporting by Julia Payne; editing by Jason Neely)

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