Exxon said to double London energy trading team to compete with European rivals

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Exxon Mobil (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) is said to have doubled the number of traders working in the UK over the past two years, as the oil and gas major aims to profit more from its global energy infrastructure.

The energy giant now has about 300 traders, analysts, and support staff operating in London and continues to recruit to build out its network globally.

An Exxon spokesman confirmed the growth in the UK hub and said the company is committed to building its trading business, _Bloomberg _reported.

The _Financial Times_ earlier this month reported that ExxonMobil (NYSE:XOM [https://seekingalpha.com/symbol/XOM]) and Chevron (CVX [https://seekingalpha.com/symbol/CVX]) are chasing a bigger slice of the $70 billion energy trading business, expanding their operations to capture a boom in liquefied natural gas and catch up with rivals Shell (SHEL [https://seekingalpha.com/symbol/SHEL]) and BP (BP [https://seekingalpha.com/symbol/BP]).

The two US supermajors are focusing on LNG, which consultants at McKinsey believe, together with gas and power, will soon eclipse oil as the biggest driver of commodity trading profits, the _FT_ report said.

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