Vitol's New Bunkering Partnership in Nigerian Waters
International oil trader Vitol Group (Vitol) has started a new bunkering operation in Nigerian waters with shipping and logistics firm PPP FM Bunkers (PPPFM), supported by the Secure Anchorage Area (SAA) West Africa. Nigeria's PPPFM is fully licensed by that country's Department of Petroleum Resources, according to Vitol. "Fully licensed by the Department of Petroleum Resources, PPPFM entered into an agreement with Vitol to be able to guarantee clients the best quality bunker fuels in the West African region," explained Vitol in the announcement.
MISC to Divest 50% Shareholding in VTTI
MISC Berhad and its wholly-owned subsidiary MTTI Sdn. Bhd. have today entered into an agreement with VIP Terminals Finance B.V. to dispose 50 percent of the issued share capital of VTTI B.V., for a cash consideration of $830 million, subject to completion of the conditions precedent. VIP Terminals Finance B.V. is ultimately a wholly-owned subsidiary of Vitol Investment Partnership Limited, an investment vehicle sponsored and managed by the Vitol Group. Upon completion of the proposed divestment, VTTI will cease to be a joint-venture company of MTTI. Yee Yang Chien, President/CEO of MISC said, “It has been a great pleasure working with Vitol over the past five years. We wish Vitol the very best in its future endeavours and we are confident that the good relationship we have will continue.
Enterprise Contracts to Boost U.S. Crude Exports
Enterprise bumps up exports through annual contracts; signs 2015 contracts with PDS, Vitol; seeks one more term buyer. U.S. exports of condensate have been given an important boost after pipeline company Enterprise Products Partners LP agreed annual contracts with at least two major trading companies to sell the light crude, trade sources said. Oil producers have been pressing to lift a 40-year-old U.S. ban on crude exports and the Department of Commerce broke its year-long silence in December and began approving a backlog of requests to sell processed light oil abroad. Enterprise is selling 40,000 barrels per day (bpd) under the contracts, which should give it a headstart before other firms get the nod to export condensate produced from shale operations.
Canada Orders Seizure of Oil Tanker
The Federal Court of Canada has ordered the seizure of a 721,915-barrel cargo of crude from Kurdistan aboard the "Neverland" oil tanker on the request of the Iraq Oil Ministry, court documents show. The Iraq Oil Ministry has also filed a claim against commodity trading house Vitol S.A. and subsidiaries including Mansel Ltd, the charterer of the ship, and affiliate Finaval SpA di Navigazione, the owner of the ship, for $32.5 million. Iraq claims the cargo was unlawfully misappropriated by the Kurdistan Regional Government and sold to Vitol to be loaded onto the "Neverland." Vitol declined to comment. The court action, dated June 29, is…
Vitol Signs Deal with Angola LNG
Angola LNG (ALNG) and Vitol, the world’s largest independent energy dealer, have entered into a multi-year LNG sales agreement. Under the agreement, ALNG cargoes will be delivered to Vitol at destinations around the world. Commenting on the sales agreement, Artur Pereira, CEO, Angola LNG Marketing Ltd, said: “This sales agreement is an important step for Angola LNG and demonstrates our ability to respond to the needs of our customers and the market. Pablo Galante Escobar, Head of LNG, Vitol, said; “We are delighted to have entered into this agreement with Angola LNG.
Vitol Buys Stake in Sargeant Marine
The Vitol Group and Sargeant Marine, an asphalt trading, storage and transportation business, announced that Vitol will acquire a 50 percent interest in Sargeant Marine for an undisclosed sum. Sargeant Marine comprises a global trading operation, which distributes asphalt to customers worldwide, and two terminals in Rotterdam, Netherlands and Constantza, Romania. On completion, it is anticipated that the new, combined business will trade circa 1.3 million metric tons of asphalt per annum, with hubs in Florida, London and Singapore, and operate a fleet of 13 specialist vessels. It will also benefit from access to Vitol’s asphalt production around the world. The transaction is expected to complete in the first quarter of 2016. Until completion, day to day operations will remain unchanged.
Egypt Picks Jordan LNG Cargo Winners
Egypt has picked Shell, Vitol and Trafigura in a tender to supply four cargoes of liquefied natural gas (LNG) via Jordan's Aqaba import terminal, trade sources said. Shell will supply two cargoes while trading houses Vitol and Trafigura will supply one each, traders said. Egypt's state-owned EGAS asked for LNG via Aqaba in a tender launched two weeks ago that called for two cargoes for delivery in September and another two in October. Reporting by Oleg Vukmanovic
Vitol's 2015 Revenue Sinks 38% to $168 Bln
Vitol's 2015 revenue fell 38 percent to $168 billion in "challenging" market conditions, the commodity trader said on Tuesday. The world's largest independent energy trader's sharp fall in revenue came despite traded volumes of crude oil and products rising 13 percent to 303 million tonnes. "Whilst the market structure favours a physical trader, the absolute price levels and market volatility are causes for caution," Ian Taylor, president and CEO of Vitol said. (Reporting by Sarah McFarlane, editing by Louise Heavens)
Port Commission Selects Vitol for Fuel Tank Farm
Negotiations are under way between the Canaveral Port Authority and international petroleum firm Vitol S.A. Inc. to build and operate a major fuel storage terminal and pipeline on a 30-acre site on the north side of Port Canaveral. The $120 million project will serve the shipping industry as well as boost oil and gasoline supplies in Central Florida with the construction of a 50-mile fuel pipeline from Port Canaveral to Orlando International Airport. Vitol has fuel distribution, terminal and refinery operations in a number of countries. Upon completion of a detailed marketing plan and long-term lease negotiations, the company hopes to start construction at Port Canaveral by the middle of next year.
MISC Divests Oil Storage Venture with Vitol
MISC Berhad informed that its wholly-owned subsidiary MTTI Sdn. Bhd.have entered into an agreement with VIP Terminals Finance B.V. to dispose 50 percent of the issued share capital of VTTI B.V. for a cash consideration of $830 million, subject to completion of the conditions precedent. VIP Terminals Finance B.V. is ultimately a wholly-owned subsidiary of Vitol Investment Partnership Limited, an investment vehicle sponsored and managed by the Vitol Group. Upon completion of the proposed divestment, VTTI will cease to be a joint-venture company of MTTI.
Asia Distillates: Gasoil Firms as Vitol, Glencore Buy
Asia's cash premium for benchmark 500ppm gasoil stayed firm on Friday as a buying spree in the Singapore cash market continued with a total of 10 deals for 500ppm gasoil, with Vitol and Glencore buying most of the cargoes. Buying interest in the Singapore cash market would likely continue for a while, traders said, although it was not immediately clear where the cargoes will head to. Traders added that they are pinning their hopes on regional demand picking up and refinery cuts to curb supply. India's Mangalore Refinery and Petrochemicals Ltd has cut runs at its 300,000-barrels-per-day refinery after the detection of a leak in one of the plant's two hydrocrackers, a company source said. "There was a marginal leak detected in Hydrocracker-II at about 3:30 p.m.
New Vitol Terminal in Florida
The Vitol Group announced the opening of the Seaport Canaveral Terminal on the east coast of Florida. The terminal, built at a cost of around $130m, will deliver an independent supply of petroleum products to the state, create new jobs, and provide an important boost to the state's economy. It sits on 36 acres and is 60 miles from Orlando. The new Vitol terminal will inject an estimated $30m annually into the region's economy as well as $5m in additional yearly revenues for Port Canaveral. It will create as many as 300 new direct and in-direct jobs in transportation, shipping, maintenance and service, in addition to the permanent terminal team of 30.
Tanker with Disputed Kurdish Oil Reappears off Malta
The Neverland tanker has reappeared off the coast of Malta after going off radar near Canada on June 30, when it was chartered by oil trader Vitol carrying Iraqi Kurdish crude oil, Reuters ship-tracking showed on Friday. The tanker had been heading to eastern Canada to discharge the cargo at the end of June when the Federal Court of Canada issued a seizure order for the cargo at the request of Iraq's oil ministry. Iraq alleges the cargo was unlawfully misappropriated by the Kurdistan Regional Government (KRG) and sold to Vitol. Along with the seizure request made to Canada, the ministry filed a separate claim against Vitol and two subsidiaries for $32.5 million. The tanker appears empty, according to the draft on the ship tracking system.
PEC Clinches $160.5m European Contract
PEC Ltd. announced that Verwater-Audex B.V., a 50-50 joint venture company between its subsidiary Audex Pte Ltd and Verwater B.V., has won a $160.5m contract to build a 465,000 m3 tank terminal in the strategically located port of Rotterdam (Netherlands). Verwater-Audex will provide engineering, procurement and construction (EPC) services to build the tank terminal for Euro Tank Terminal B.V. (ETT). The project is slated for completion by 2012 and will boast state-of-the-art facilities. ETT is wholly owned by Vitol Tank Terminal International (VTTI) which owns and operates terminals and pipelines around the world. VTTI is a wholly owned affiliate of the Vitol Group, a provider of trading and marketing services across the oil and energy sector.
Gas Tanker Reportedly Aground off Nigeria
A liquefied natural gas (LNG) tanker has run aground off Nigeria after taking on a cargo at the country's Bonny Island export plant, two trading sources said. The 165,000-cubic-metre-capacity Magellan Spirit tanker, owned by Teekay LNG Partners, ran aground trying to leave the port bound for South Korea, traders said. Teekay could not be reached for immediate comment. A trader said that the tanker is not expected to disrupt inbound or outbound tanker traffic from Bonny Island as it was not blocking the shipping channel. But it remains to be seen how the cargo's owner, trading house Vitol, will be affected. Traders said that Vitol might have to seek a replacement cargo on the open market. (Reporting by Oleg Vukmanovic
Firm Warns on Tanker Traders' Tricks
London law firm Lawrence Graham says owners chartering out tankers should fight to keep additional early loading clauses out of the charter party or specifically query each charterer's instruction to clarify laytime issues. The warning follows a High Court decision which Lawrence Graham says places owners at a disadvantage. Writing in the March issue of Lawrence Graham's newsletter, Shipping Lawgram, Stuart Dench, a member of the shipping law team, says, "The charterer, a major trader, uses its commercial muscle to modify a standard charter party to the owner's disadvantage. When it comes to a dispute over interpretation of the additional clauses, the owner can usually rely on arbitrators making a sensible commercial decision.
Supertankers Buying Spree to Beat Oil Glut
Some of the world’s largest oil traders are reportedly hiring supertankers in a possible attempt to stockpile oil supplies following the plunge in world prices. Trading firms including Vitol, Trafigura and energy major Shell have all booked crude tankers for up to 12 months, Reuters said, quoting freight brokers and shipping sources. These companies have booked crude tankers for up to 12 months - taking advantage of some cheaper rates of hire. The idea is that by effectively parking large tankers full of oil offshore…
Egypt: Vitol to Supply 9 LNG Cargos, in Talks with BP
Vitol will supply Egypt with nine LNG cargos for two years starting June 2015, an Egyptian oil ministry statement said on Thursday. The statement said the ministry was also finalizing talks with BP over a deal to supply the country with 21 LNG cargoes. The latest contracts were part of a highly sought-after tender to buy 75 LNG cargoes. (Writing by Yara Bayoumy; Editing by David Holmes)
Vitol Supplying Bunker Fuel to Houston, Mississippi River
Press release -- Vitol announced it has begun supplying physical bunker fuel to Houston and the Mississippi River. Bunker grades RMG, RMK and DMA 0.1 percent will be marketed under the V-Marine Fuels brand, on a retail (delivered) basis in Houston. V-Marine Fuels currently supplies physical bunker fuel to ships in the ports of Singapore, Tangjong Pelepas (Malaysia), Fujairah & Khor Fakkan (UAE), Hamburg and Bremerhaven (Germany), Canaveral (USA), the Thames River, English Channel & Northern France (UK & France) and Rotterdam (Netherlands).
Vitol's Malaysia Terminal Suspends Ops after Spill
VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday. An accident with coastal tanker Trident Star caused the oil spill on Wednesday, they said. The terminal at port of Tanjong Pelepas in Johor has a total storage capacity of 1.155 million cubic metres. It handles gasoline, jet fuel, gasoil, fuel oil and biofuels. Reporting by Florence Tan
BPCL to Export Light Diesel Oil in Rare Move
India's Bharat Petroleum Corp Ltd will export a light diesel oil cargo from Kochi in a rare move, industry sources said on Tuesday. The state-owned refiner sold 35,000 tonnes of the cargo, which has a sulphur content of 1.5 percent, to Vitol and is expected to load the cargo this week, the sources added. The export will be temporary and will halt once a secondary unit at the refinery is started, one of the sources said. (Reporting by Jessica Jaganathan; Editing by Himani Sarkar)
Vitol buys Angola LNG Shipment
Trading house Vitol purchased a liquefied natural gas (LNG) shipment from Angola's Soyo production facility following a tender, trade sources said. The vessel is currently sailing off South Africa on a heading which indicates a delivery to India or markets in Asia, the sources said. Reporting by Oleg Vukmanovic
VLCC's Used for Asia-Europe Diesel Liftings
Total charters VLCC to move diesel from Asia to Europe; Vitol ships diesel from Asia to Europe in Suezmax. At least two companies are planning to ship diesel in bigger-than-usual tankers from Asia to Europe in what traders said is a rare move as cheap oil drives up diesel supply and slowing economies dent demand. French oil major Total has provisionally chartered the very large crude carrier (VLCC) Alice on a six-month time charter to ship ultra-low sulphur diesel (ULSD) from Asia to Europe, traders and shipbrokers said. A VLCC can carry roughly 2 million barrels of oil.