Vitol is acquiring Hong Kong-based Noble Group for $209 million (£163.3 million).
The world’s largest oil trader, led by British businessman Russell Hardy, trades more than 7 million barrels a day.
Hardy has delivered stellar results since taking over as CEO in 2018, making more than $28 billion (£21.9 billion) in profits over the past two years, the most profitable period in the history of commodities trading.
Expansion: Vitol is run by British businessman Russell Hardy and trades more than 7 million barrels a day
Hardy is looking to expand its coal and metals business, with just 0.25 per cent of its $402bn (£314bn) turnover coming from coal in 2023.
Noble traded 35 million tonnes of coal last year and is a leader in metals trading.
Coal remains the main source of global energy production as Europe has slowed its transition to clean energy following the war in Ukraine.
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