Vitol
| Type | Private |
|---|---|
| Industry | Energy |
| Founded | 1966 |
| Founder(s) | Ian Taylor |
| Headquarters |
Rotterdam, Netherlands Geneva, Switzerland |
| Key people | Ian Taylor |
| Services | Energy trading |
| Owner(s) | Ian Taylor |
| Website | www.vitol.com |
The Vitol group is an energy trading company founded in Rotterdam in 1966. Vitol operates worldwide, and along with Glencore and Trafigura, is one of the world's top three crude oil traders.[1] Vitol's headquarters are located in Rotterdam, the Netherlands and Geneva, Switzerland. With 2009 revenues of US$143 billion, the company ships more than 300 million tons of oil per year.[2] Vitol's main operations are based in Geneva, Houston, Singapore and London and in addition to the global crude and product trading businesses, the company has a growing presence in the coal, natural gas, power, emissions and bio-fuels markets.[3]
Vitol has interests in various oil storage terminals and exploration and production projects worldwide. The latter includes ownership of Arawak[2], with production in Russia, Kazakhstan and Azerbaijan, shareholding in Galoc in the Philippines[4] and exploration assets in Cameroon, and Ghana.[5][verification needed]
Vitol Tanks Terminals International has an asset value in excess of $1 billion and planned capacity approaching six million cubic metres in four continents. Current key locations include Amsterdam and Europoort in the Netherlands, Seaport Canaveral, Florida, and a 49% share of the Ventspils terminal in Latvia.[6] In May 2010 it was announced that MISC Bhd of Malaysia would acquire 50% of VTTI for US $735 million. [7]
In addition to offices in Dubai and Bahrain, Vitol's key strategic asset in the Middle East is the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 1,034,000 cubic metre tank farm. FRCL has further development plans in place, which include a 140,000 cubic metre expansion of the tank farm, refurbishment of existing refining units and the installation of additional processing units.[8]
Vitol is an independent company, with 260 employees making up its shareholders. Vitol has stated that through this model, its internal partnerships foster long standing relationships with its customers and proven reliability and delivery.[9][unreliable source?]
War in Libya
Vitol was the company to organise the first, controversial, sale of Libyan rebel oil to Tesoro in early April 2011.[10]
See also
References
- ↑ Davis, Ann (2008-12-24). "Vitol Lays Out Role in Oil Market". The Wall Street Journal. http://online.wsj.com/article/SB123007073568831225.html?mod=todays_us_money_and_investing. Retrieved 2009-02-09.
- ↑ 2.0 2.1 "Rosco Announces Cash Offer For Arawak". Oil Voice. 2008-10-28. http://www.oilvoice.com/n/Rosco_Announces_Cash_Offer_For_Arawak/41ad07b9.aspx. Retrieved 2009-02-09.
- ↑ "Vitol, RNK Capital Complete Inaugural Trade on The Green Exchange" (PDF) (Press release). Evolution Markets Inc.. 2008-03-17. http://new.evomarkets.com/pdf_documents/Evolution%20Brokers%20First%20Green%20Exchange%20Trade.pdf. Retrieved 2009-02-09.
- ↑ "Galoc Oil Field Development Update, Philippines - Galoc-3 Successfully Flows Dry Oil". Oil Voice. 2008-02-21. http://www.oilvoice.com/n/Galoc_Oil_Field_Development_Update_Philippines_Galoc3_Successfully_Flows_Dry_Oil/98891347.aspx. Retrieved 2009-02-09.
- ↑ Vitol Group - Silobreaker
- ↑ Vitol is Ready to Invest in Ventspils Nafta, but Expects Support from Latvian Government - The Baltic Course
- ↑ MISC buys stake in VTTI for RM2.36bil-Malaysia Star
- ↑ "UAE's Fujairah sells refinery stake to Vitol". Reuters. 2007-05-04. http://uk.reuters.com/article/oilRpt/idUKL0435615220070504. Retrieved 2009-02-09.
- ↑ - Vitol
- ↑ [1]
External links
