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Vitol

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417:, 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 meter tank farm. FRCL has further development plans in place, which include a 140,000 cubic meter expansion of the tank farm, refurbishment of existing refining units and the installation of additional processing units. Vitol also has invested in refining assets in Bayernoil (Germany), Cressier (Switzerland), Antwerp (Belgium) and the Geelong refinery near Melbourne (Australia). In 2018, Vitol bought the 85,000 barrel per day Rotterdam Condensate Splitter from 214: 194: 116: 27: 374:. In 2023, Vitol was the world's largest independent energy trader. The company confirmed in 2024 that it was expanding into metals, with the CEO calling it a "relatively small addition to our business." It had received net profits over $ 28 billion over the prior two years. It had previously, in the 1990s, had little success with metals trading when it purchased 297:. Given the secrecy Vitol maintains around all its business activities and the limited nature of its statutory disclosures, it is excluded from rankings. The company, however, does provide some more financial information to its lenders and to a few other entities with which it trades. The company ships more than 350 million tonnes of 301:
per year and controls 250 supertankers and other vessels to move it around the world. On average it handles more than 7.6 million barrels a day of oil and products, roughly equivalent to the daily consumption of Japan, the world's fourth-largest oil consumer after the United States, China, and India.
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In 2021, Vitol's revenues doubled to around $ 279 billion, after oil demand spiked after the end of pandemic lockdowns. In 2021, its website stated it traded 7.6 million barrels of crude and other oil products. In 2022, Vitol Group said it would stop trading Russian crude and oil products by the end
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in 1966 by Henk Viëtor and Jacques Detiger. Though trading, logistics, and distribution are at the core of its business, these are notably complemented by refining, shipping, terminals, exploration and production, power generation, and retail businesses. Vitol has over 40 offices worldwide, with its
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Vitol (45% stake), along with IFM Investors (45% stake) and Abu Dhabi National Oil Company (10% stake), own VTTI B.V., a storage and terminals business with a capacity of around 8.7 million cubic meters (MCM) in 11 countries: Netherlands (1.328 MCM + 1.118 MCM), Latvia (1.195 MCM), UAE (1.180 MCM),
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In early 2024, Vitol held a 10.4% stake in Saras, the owner of the Sarroch refiner plant in Sardinia. That April, Italy's government partly approved Vitol's plan to take over the company for $ 1.83 billion. State-run GAIL (India) Ltd. signed a 10 year import deal with Vitol in early 2024, for
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Vitol is a privately held company by about 400 partners who are current and former employees, who are known for their intense culture of privacy and secrecy from both competitors and the general public. It is reported that Vitol made a payout of $ 2.9 billion to all its partners in 2021.
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In 2020, Vitol Inc. agreed to pay a combined total criminal penalty of $ 135 million to resolve bribery charges with law enforcement authorities in the United States and Brazil. The resolution arises out of Vitol schemes to pay bribes to officials in Brazil, Ecuador and Mexico.
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Vitol, through its wholly owned subsidiaries Arawak Energy Limited and Vitol E&P, has interests in various exploration and production projects worldwide. Arawak Energy is mainly focused on the FSU where it produces oil and gas in Ukraine,
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plant (CHP) is one of the largest of its kind in Europe, capable of generating 1,240 MW and up to 930 tonnes of steam per hour which is used by nearby refineries. The gas-fired plant provides approximately 2.5% of UK peak electricity demand.
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through exploiting a loophole in EU sanctions to bring products derived from Russian oil into Europe, though Turkey. Vitol, in April 2022, had pledged to cease trading Russian origin crude oil and product.
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In April 2024, it remained the world's largest independent commodity trader. It does not publicly release financial results, but in 2023, it reportedly made $ 13 billion in net profit, according to the
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on the French Southern virtual Gas Trading Point (“PEG Sud”) between 1 June 2013 and 31 March 2014. Vitol appealed this decision, but the French Council of State confirmed the sanction in June 2021.
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With revenues of $ 505 billion in 2022, Vitol is the largest independent energy trader in the world, and would be the second-largest company worldwide as measured by revenue on the
1347: 1961: 593:, the company was approached by the Qatari national oil company to sell a cargo of crude oil supplied by the Libyans in exchange for technological supplies and fuel for the 1615: 1319: 468:
Further, in January 2015, Vitol in collaboration with Eni signed a $ 7 billion agreement with the government, for the production of oil and gas at Cape Three Points in
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Vitol Aviation is focused on Europe, North America and Africa, serving the world’s largest airlines and military customers with 5.7 million tonnes of jet fuel a year.
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to settle a deal with a Serbian Oil company, Orion. Vitol has denied all charges, arguing that no government agency has ever prosecuted the company in this respect.
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Refinery and its 870-site retail business, along with its bulk fuels, bitumen, chemicals and part of its lubricants businesses in Australia. The business trades as
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Belgium (0.965 MCM), Malaysia (0.893 MCM), Cyprus (0.544 MCM), USA (0.452 MCM), Argentina (0.218 MCM), Kenya (0.111 MCM), Russia (0.049 MCM), Nigeria (0.016 MCM).
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held a 50% stake in VTTI from May 2010 until August 2015. In April 2022, Vitol announced its intention to stop trading Russian petrol by the end of 2022 due to
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In January 2012, Vitol acquired a stake in a subsidiary of the South African shipping firm Grindrod, which gives it access to a coal terminal in Mozambique.
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Vitol Asia Pte Ltd operates as an energy and commodities company, and offers refining, trading, shipping, and storage of crude oil and energy products.
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In 2018, The Dispute Settlement and Sanctions Committee of CRE, the French Energy Regulatory Commission, fined VITOL S.A. €5 million for engaging in
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The company was founded in April 1990 and is headquartered in Singapore. The CEO of this subsidiary has been Mike Muller since 10 September 2019.
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In 2021, Vitol had 1.2 GW of renewable power generation currently operational, planned & with further investments across the energy spectrum.
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alleged that the company had been using, for over a decade, an Employee Benefit Trust, avoiding paying income tax for its UK staff.
1906:"The Dispute Settlement and Sanctions Committee (CoRDiS) imposes a penalty for market manipulations on the wholesale energy market" 1589: 1389: 915: 843: 792: 1458: 1313: 1279: 880: 633:
In 2023, both Shell and Vitol were accused by Oleg Ustenko, the economic advisor to the Ukrainian president, of prolonging the
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vessel and sold it to Chinese traders. It was also stated that Vitol is based in Switzerland, which did not implement
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In September 2012, it was alleged that the company had bought and sold Iranian fuel oil, bypassing an EU
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In 2024, it owned and operated five power plants in the UK through VPI, a partially owned subsidiary.
1995:"Vitol Inc. Agrees to Pay Over $ 135 Million to Resolve Charges for Bribery Schemes in Latin America" 1575: 259: 1700: 1333: 1299: 1265: 1228: 1818: 1511: 1246: 1176: 1087: 966: 814: 2085: 2056: 575: 489: 457:(excluding aviation) for a total of approximately AU$ 2.9 billion. The purchase included Shell's 604:. Vitol bought 2 million barrels using a ship-to-ship transfer off the coast of Malaysia from a 601: 469: 179: 37: 2145: 1593: 2140: 363: 8: 623: 386:
In total, Vitol has around 16 million cubic meters of storage capacity across the globe.
585:, Vitol was the company to organise the first controversial sale of Libyan rebel oil to 1381: 907: 851: 788: 586: 359: 291: 174: 55: 1450: 1327: 1293: 1259: 1222: 872: 263: 371: 338:
In addition to the global crude and product trading businesses, the company trades
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stated that in 1995 Vitol had secretly paid US$ 1 million to Serbian war criminal
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program. Vitol subsequently paid $ 17.5 million in restitution for its actions.
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in a New York court for paying surcharges to Iraq's national oil company during
774: 571: 1671:"Gov't signs $ 7billion oil and gas agreement to produce 1100 megawatts power" 2129: 1416:"Shell and Vitol accused of prolonging Ukraine war with sanctions 'loophole'" 142: 1420: 555: 493: 169: 159: 1542: 815:"Vitol posts $ 13bn profits in second consecutive year of bumper results" 472:. The contract is expected to help meet Ghana's burgeoning energy needs. 462: 443: 391: 343: 673:"Meet The Mysterious Trading Firms Who Control The Price Of Commodities" 1248:
Vitol posts $ 13bn profits in second consecutive year of bumper results
435: 431: 206: 164: 2026:"Derivatives Regulator Uses Dodd-Frank Rule to Target Foreign Bribery" 1616:"Vitol to retain jobs at Geelong refinery after buying Shell's assets" 936: 298: 284: 267: 80: 2086:"Energy trader Vitol appoints Mike Muller new head of Asia trading" 1348:"Vitol, RNK Capital Complete Inaugural Trade on The Green Exchange" 465:, although the Shell brand remains on many of its retail products. 355: 351: 1353:(Press release). Evolution Markets Inc. 2008-03-17. Archived from 1148:"Oil Giant Vitol Hands Record $ 2.9 billion Payout to Its Traders" 998:"Vitol Said to Post Highest Profit Since 2011 as Oil Prices Swing" 520:
Natural Gas: over 20 billion cubic meters of physical gas globally
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In February 2014, it was reported that Vitol, in concert with the
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Gasoline: 1 million barrels of physical gasoline traded per day
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Vitol CEO confirms energy trading giant is getting into metals
560: 439: 410: 26: 339: 197: 1177:"Oil trader Vitol hands top staff equivalent of $ 7m each" 1088:"Oil trader Vitol hands top staff equivalent of $ 7m each" 1214: 763:"Top Trader Vitol Has New CEO as Taylor Becomes Chairman" 1025:"Corrected: Commodity Traders: The trillion dollar club" 2057:"Research Guides: Commodities: Commodity trading firms" 1315:
India's GAIL Signs 10-Year LNG Purchase Deal with Vitol
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Oil: 367 million tonnes of crude oil and product sales
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international sanctions during the Russo-Ukrainian War
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World’s top oil trader will stop buying Russian crude
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Carbon: 49 mm tonnes of contracted carbon volume
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Chemicals: 4 million tonnes (Benzene and Paraxylene)
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Italy sets conditions for Vitol's takeover of Saras
244: 1817: 1788:"US refiner Tesoro buys cargo of Libyan rebel oil" 1510: 1055: 488:In 2013, Vitol invested in its first power plant, 2127: 1509:Sheppard, David; Raval, Anjli (21 August 2015). 1057:"Oil trader Vitol's profits rebound to $ 1.35bn" 1731:"Controversial background of No campaign donor" 701: 699: 697: 381: 1699:Barnett, Antony; Bright, Martin (2001-07-01). 1590:"UAE's Fujairah sells refinery stake to Vitol" 1572:"Vitol buys stake in Grindrod's coal terminal" 667: 665: 663: 661: 1698: 1508: 708:"Commodity Traders: The trillion dollar club" 424: 1761:"Swiss Commodities Business May Be Revamped" 1376: 1374: 1118:"The unseen hand that moves the world's oil" 778:, 15 March 2018. Retrieved on 16 March 2018. 737:"Top ten global oil and commodities traders" 694: 658: 1819:"Risky oil supply deal pays off for Vitol" 453:, had bought the downstream businesses of 16:Dutch energy and commodity trading company 1371: 1785: 1022: 705: 1989: 1987: 1668: 1582: 1115: 1109: 1016: 967:"Oil traders face heat over disclosure" 566:In 2007, Vitol pleaded guilty to grand 535:Power: 93 TWh of power sales contracted 104:, Switzerland; Rotterdam, Netherlands 2128: 1942:from the original on December 15, 2019 1830:from the original on February 13, 2017 1613: 1413: 1409: 1407: 1244: 1240: 1238: 1203: 1201: 1068:from the original on 13 September 2016 905: 812: 743:from the original on November 13, 2019 595:National Transitional Council of Libya 589:in early April 2011. According to the 2036:from the original on January 19, 2021 2023: 2005:from the original on January 20, 2021 1886:from the original on February 1, 2014 1860:from the original on 14 February 2016 1592:. Reuters. 2007-05-04. Archived from 1128:from the original on 24 February 2015 1035:from the original on 28 December 2015 977:from the original on 26 November 2022 641: 2136:Oil and gas companies of Switzerland 1984: 1815: 1053: 1023:Schneyer, Joshua (28 October 2011). 995: 964: 901: 899: 897: 612:, so Vitol had skirted the charges. 1932:"Vitol response to CoRDiS decision" 1427: 1404: 1306: 1272: 1235: 1198: 13: 2024:Tokar, Dylan (December 22, 2020). 1972:from the original on June 29, 2021 1816:Blas, Javier (September 5, 2011). 1741:from the original on March 5, 2014 1523:from the original on 17 April 2021 1481:"VTTI - Terminals - Better placed" 1392:from the original on April 4, 2019 1340: 1047: 14: 2157: 2110: 1414:Lawson, Alex (19 February 2023), 1004:from the original on 28 July 2019 894: 1478: 761:Hoffman, Andy and Blas, Javier. 751:– via www.telegraph.co.uk. 548: 213: 212: 193: 192: 115: 114: 25: 2096:from the original on 2023-07-17 2078: 2067:from the original on 2020-02-20 2054: 2048: 2017: 1954: 1924: 1898: 1872: 1842: 1809: 1798:from the original on 2021-05-15 1786:Schneyer, Joshua (2011-05-25). 1779: 1753: 1723: 1711:from the original on 2014-05-10 1692: 1681:from the original on 2017-06-01 1662: 1651:from the original on 2015-09-01 1637: 1626:from the original on 2014-02-24 1607: 1564: 1553:from the original on 2022-04-13 1535: 1502: 1472: 1461:from the original on 2021-01-20 1443: 1382:"Vitol 2018 volumes and review" 1187:from the original on 2022-11-24 1169: 1158:from the original on 2022-03-18 1140: 1098:from the original on 2022-11-24 1080: 989: 958: 947:from the original on 2022-03-07 929: 918:from the original on 2022-12-01 908:"Vitol 2021 volumes and review" 883:from the original on 2022-11-25 825:from the original on 2024-04-08 795:from the original on 2024-03-26 789:"Vitol 2023 volumes and review" 718:from the original on 2015-12-28 706:Schneyer, Joshua (2011-10-28). 683:from the original on 2012-04-27 606:National Iranian Tanker Company 581:According to an article in the 1669:Gadugah, Nathan (2015-01-27). 996:Blas, Javier (19 March 2015). 965:Blas, Javier (23 April 2012). 865: 836: 806: 781: 755: 729: 1: 1701:"Oil chief paid m to warlord" 652: 574:regime and circumventing the 309: 1614:Fowles, Shane (2014-02-21). 1245:Wilson, Tom (7 April 2024), 1054:Hume, Neil (19 March 2015). 813:Wilson, Tom (8 April 2024). 541:Methanol: 1.4 million tonnes 532:Coal: over 30 million tonnes 500: 451:Abu Dhabi Investment Council 382:Terminals and infrastructure 266:company that was founded in 175:Exploration & Production 7: 1962:"Council of State decision" 475: 404: 70:; 58 years ago 10: 2162: 1320:Pipeline & Gas Journal 906:McNair, Ros (2022-03-21). 526:Naphtha: 15 million tonnes 508: 425:Exploration and production 409:In addition to offices in 333: 2061:researchguides.smu.edu.sg 1647:. Viva Energy Australia. 370:, bitumen, base oils and 239: 229: 221: 204: 188: 165:Shipping & Chartering 152: 133: 123: 108: 97: 87: 64: 43: 33: 24: 2044:– via www.wsj.com. 483: 160:Energy & Commodities 1645:"Viva Energy Australia" 1451:"Terminals and storage" 610:international sanctions 513:In 2018, Vitol traded: 494:combined heat and power 470:Western Region of Ghana 330:liquefied natural gas. 258:is a Swiss-based Dutch 170:Terminals & Storage 602:embargo against Tehran 523:LPG: 14 million tonnes 271:largest operations in 1856:. 26 September 2012. 225:Vitol Holding II S.A. 217:US$ 13 billion (2023) 2001:. December 3, 2020. 1882:. 30 December 2012. 1332:: CS1 maint: year ( 1298:: CS1 maint: year ( 1264:: CS1 maint: year ( 1227:: CS1 maint: year ( 873:"Operating globally" 2030:Wall Street Journal 1938:. October 9, 2018. 1912:on October 20, 2018 624:market manipulation 231:Number of employees 110:Number of locations 21: 1620:Geelong Advertiser 1388:. March 19, 2019. 768:2019-07-28 at the 739:. April 15, 2011. 642:Vitol Asia Pte Ltd 587:Tesoro Corporation 553:A 2001 article in 200:404 billion (2023) 19: 1968:. June 18, 2021. 1737:. 10 April 2013. 1439:, Bloomberg, 2024 791:. 26 March 2024. 264:commodity trading 253: 252: 2153: 2122: 2121: 2119:Official website 2105: 2104: 2102: 2101: 2082: 2076: 2075: 2073: 2072: 2055:Lim, Hwee Ming. 2052: 2046: 2045: 2043: 2041: 2021: 2015: 2014: 2012: 2010: 1991: 1982: 1981: 1979: 1977: 1958: 1952: 1951: 1949: 1947: 1928: 1922: 1921: 1919: 1917: 1908:. Archived from 1902: 1896: 1895: 1893: 1891: 1876: 1870: 1869: 1867: 1865: 1846: 1840: 1839: 1837: 1835: 1821: 1813: 1807: 1806: 1804: 1803: 1783: 1777: 1776: 1774: 1772: 1767:on April 3, 2014 1763:. Archived from 1757: 1751: 1750: 1748: 1746: 1727: 1721: 1720: 1718: 1716: 1696: 1690: 1689: 1687: 1686: 1666: 1660: 1659: 1657: 1656: 1641: 1635: 1634: 1632: 1631: 1611: 1605: 1604: 1602: 1601: 1596:on July 17, 2012 1586: 1580: 1579: 1574:. 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Index


Private
Commodity
Oil & Gas
Rotterdam
Geneva
Russell Hardy
Energy & Commodities
Shipping & Chartering
Terminals & Storage
Exploration & Production
Power Generation
US$
Net income
vitol.com
multinational
commodity trading
Rotterdam
Geneva
Houston
London
Singapore
Fortune Global 500 list
crude oil
coal
natural gas
ethanol
methanol
gasoline
LNG

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