IBBC MEMBERS PROFILE
Vitol Group of Companies
The Vitol Group was founded in 1966 in Rotterdam, The Netherlands. Since then the company has grown significantly to become a major participant in world energy markets and is now one of the world’s largest independent energy traders.
Our trading portfolio
Its trading portfolio includes crude oil, oil products, bunker fuel, LPG, LNG, natural gas, coal, power, metals and carbon emissions.
Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders.
Through its trading business, Vitol has established itself in shipping as one of the world’s largest charterers of crude oil and oil product tankers.
Globally Vitol trades over 5.5 million barrels of crude oil and products per day and its 2011 revenues were $297 billion.
In addition to its trading business and its 50% share in the storage and terminals business, VTTI, with 11 terminals on five continents, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Kazakhstan, Russia and Azerbaijan.
It also currently owns and operates over 100,000 barrels per day in refining assets and a thermal coal mine in British Columbia, Canada.
Vitol in Iraq
Since 2004 Vitol has provided assistance to Iraq’s Ministry of Oil under a Memorandum of Understanding in the areas of training, technology transfer, consultation services and technical studies.
Vitol is committed to being a major investor in Iraq’s upstream and downstream infrastructure.
In addition, Vitol has longstanding crude oil and product supply contracts with Iraq’s State Oil Marketing Organisation and at times has extended substantial credit and financing facilities for much needed petroleum product imports.
Proud of our support in the past and our reputation as reliable partners, Vitol is looking forward to playing its part in the bright future of Iraq.
For more information www.vitol.com