Glencore booked USD 2.66 billion in first-half adjusted earnings before interest and taxes (EBIT) from trading on Wednesday (August 5), up from just USD 40 million a year earlier.

With this, the commodity major joined the trading desks of European oil majors BP, Shell, TotalEnergies and rival trading house Trafigura in reaping billions in profits this year.

Crude, fuel and LNG prices hit all-time record or ‌multi-year ⁠highs earlier 2026 as the Iran war halted tanker traffic leaving the Gulf, with strategically important chokehold Strait of Hormuz becoming the biggest geopolitical leverage for Tehran and Washington.

“The Oil and Gas department was the primary contributor, which benefited from significant dislocations across LNG, oil and shipping markets,” Glencore CEO ⁠Gary Nagle said.

Glencore’s first-half results put it on track to rebound from three straight years of lower earnings from energy marketing. The trading volumes surged to around ⁠5.2 million barrels per day of crude and fuels, about 24% more than its 2025 average.

For the H2, Glencore said that significant inventory drawdowns had left oil markets increasingly sensitive to disruptions.

Glencore is also moving ahead with its planned secondary listing in Australia, a move, that as per the company, signals a push to tap one of the world’s fastest-growing pools of institutional capital to fund its copper growth ambitions and potentially pave the way for transformational M&A.

As per Nagle, Glencore can achieve inclusion in Australia’s benchmark ASX 200 index within 12 months, requiring about AUSD 1.5 billion of market capitalisation, before qualifying for the larger ASX 100 index, which requires roughly AUSD 5.5 billion of shares trading on the Trans-Tasman country’s market.

The CEO said investors had shown strong interest in an Australian listing, particularly after Glencore’s failed merger talks with Rio Tinto earlier this year.

“There have been requests from many investors to meet with us after some of the discussions that had happened about Rio,” he told reporters, While talking about his visit to Australia in March and April, that reportedly generated strong interest from large pension funds.

Australia’s biggest pension fund, ⁠AustralianSuper, said in May that a Glencore ASX listing would be “positive” for both the exchange and the company.

Nagle also said existing Australian shareholders faced limits on how much they could invest overseas, with a local listing potentially unlocking access to more capital.

While Nagle said that Glencore’s focus would be on organic copper growth, an ASX presence could smooth the path for future Australian deals by increasing the commodity giant’s visibility among local investors, aligning its shareholder base, in the process, more closely with Rio Tinto’s.

“Glencore is looking at an Australian listing to access mining-friendly investors, or perhaps at least make their name more well known if Rio Tinto and Glencore decide to have a go again at merging,” RBC Capital Markets analysts said.

Nagle told the media that a secondary listing in Australia would make no difference to any potential merger with Rio.

For the ASX, landing an USD 87 billion global miner and commodities trader in the form of Glencore would be a massive development, adding a big ⁠name to a resources sector that has lost players through consolidation. Realising the opportunity’s potential, ASX has already expressed its “delight” in Glencore choosing the Trans-Tasman country for market listing.

Glencore plans to increase copper production to about 1.6 million metric tons by 2035 from 810,000 to 870,000 tons expected in 2026, requiring substantial capital investment.

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RENEX has been recognised as the “Most Innovative Energy Trading Service Platform – Thailand 2023” by International Finance. The platform allows buyers and sellers to trade solar energy at their desired price and quantity. This is achieved through a two-sided auction scheme, which ensures safety and stability. The system also includes a matching, price bidding, and invoice issuing process which is confirmed by the Provincial Electricity Authority (PEA) in Energy Regulatory Commision Sandbox (ERC Sandbox) for accurate electricity volume.

“RENEX Technology has also adopted the ‘BCG Economy Model’ as a backbone design idea for RENEX development; Circular economy by delivering excess energy from over-supplied prosumers to demanded consumers; Green economy by encouraging renewable energy usages in Thailand’s industry towards to national declaration of being a carbon neutrality state within 2050 in COP26,” the venture remarked.

Knowing RENEX in detail

Mr. Charn Kulpatnirum, M.D. of Mekha V Co., Ltd, who oversaw the signing of the joint venture agreement between the Sertis, MEKHA V and WHAFE, stated that the formation of RENEX was aligned with his company’s investment strategy to embark on the energy and other businesses.

PTT’s flagship company Mekha V has expertise in fields like AI, robotics, and digitalisation, whereas WHA Utilities and Power Public Company Limited (WHAUP) and Sertis specialise in managing energy innovation.

The collaboration of these three giants saw the creation of RENEX in March 2023, whose business model was developed further through real-world testing in the ERC Sandbox programme to support the future growth of the energy industry.

“This investment is a significant step in promoting the use of clean energy and driving the country towards achieving carbon neutrality and net-zero emissions. PTT is committed to utilising new technologies and innovations to respond to the country’s new economic development needs and meet the demand from businesses for environmentally friendly energy sources,” Dr. Rattanasombat stated further.

Mr. Somkiat Masunthasuwun, CEO of WHA Utilities & Power Public Company Limited, while talking about RENEX, remarked, “As a provider of public utility and energy systems both within and outside of WHA Group’s industrial estates, the company focused on developing solutions for public utility businesses and continuously developing new renewable energy sources. This investment aims to align with WHAUP’s approach of investing in solar energy business in conjunction with developing various technologies to increase the stability and reduce the cost of electricity.”

WHA Utilities is also known for promoting the usage of clean energy among its customers.

Mr. Thuchakorn Vachiramon, CEO of Sertis, revealed that this joint venture with Mekha V and WHAUP was one of the company’s objectives to become “The Trusted AI Engine for the World.”

“This objective is likened to a core driving force to drive the various business groups with artificial intelligence (AI) and other digital technologies to promote and expand business opportunities, especially in the energy industry, which is considered a key industry at the national level, as well as other areas that can enhance the potential of business operations with technology,” the official stated further.

“Moreover, the amount of electricity is also verified by the Provincial Electricity Authority (PEA). We hope that this platform will not only benefit users but also be an integral step in supporting policies on clean energy use and achieving the goal of reducing net greenhouse gas emissions to zero,” the official concluded.

The post RENEX: Unlocking Thailand’s clean energy future appeared first on International Finance.