In a key internal reorganization, Glencore has tapped Maxim Kolupaev, currently heading its LNG, gas and power trading operations, to lead its entire oil and gas trading division. The move is slated to take effect when Alex Sanna, the current head of oil & gas, steps down at the end of 2025.
Why the Change Matters
Kolupaev is no newcomer. A veteran of over two decades at Glencore, he previously served as global head of oil before shifting to lead gas, LNG and power trading. His promotion suggests confidence in his ability to bridge gas-driven growth with more traditional oil markets.
Glencore has steadily increased its energy trading volumes—rising from 3.3 million barrels per day in 2023 to 3.7 million bpd in 2024—though it still trails major peers. The company’s energy and coal marketing earnings in 2024 dropped sharply, pointing to pressure on margins and the need for refreshed leadership in volatile markets.
By promoting the head of LNG, Glencore signals it views gas and LNG as a central driver in its energy trading mix—not just an adjunct to oil. The move positions the company to better navigate evolving global gas flows, shifting demand in Europe, and new dynamics in energy transition.
Challenges & Expectations
Kolupaev inherits a business with complex dynamics:
- Aligning oil and gas trading strategies across divergent market cycles
- Managing profitability against rivals like Vitol and Trafigura, whose volumes and margins have outpaced Glencore’s
- Steering the division through regulatory environment changes, volatile commodity prices, and rising ESG pressures
Glencore’s CEO, Gary Nagle, has underscored that Kolupaev will guide the division “into its next growth phase.” How well he executes that vision — combining LNG strength with oil agility — will shape Glencore’s role in the international energy trading hierarchy.