Vitol Group News

Dutch energy company VTTI said on Monday it plans to build a new floating liquefied natural gas (LNG) terminal in the Netherlands with capacity to import 5 billion cubic meters of gas annually. On Friday the Dutch government said it was in talks with two different groups over new LNG terminals to increase Dutch import capacity by 5-8 billion cubic meters (bcm) annually as it seeks to ensure the country's energy security. Rotterdam-based VTTI said in a statement it was "striving"…

Global energy trader Vitol Group made a record net profit of just over $4 billion last year, sources familiar with the matter said, as oil, natural gas and other commodity prices soared.Vitol, the world's biggest independent oil trader, declined to comment.The unaudited result beats its previous record net profit in 2020, when oil markets were upended by the COVID-19 pandemic. Bloomberg reported Vitol made $3.2 billion in 2020. The company does not disclose its net profit.Last week, Vitol said revenues leapt to $279 billion in 2021 as oil prices recovered from 2020 lows.

Vitol Marine Fuels Pte Ltd, a subsidiary of the Vitol Group, has acquired 100% of Singapore-based bunkering specialist Sinanju Tankers Holdings.The Singapore Bunkering license holding entity has been renamed Vitol Bunkers (S) Pte Ltd and from 1st April 2020 all bunker deliveries will be carried out by Vitol Bunkers (S) Pte Ltd.Through the transaction, Vitol has acquired an expert bunker tanker manager and operator with extensive experience of physical bunker supplies in the port of Singapore…

South Korea's Korea Midland Power (KOMIPO) and Vitol Asia have signed a memorandum of understanding (MOU) on cooperation in various sectors including liquefied natural gas (LNG).Under an existing long-term Supply and Purchase Agreement (SPA), signed in 2015, Vitol agreed to supply KOMIPO with 400,000 tons of LNG annually for 10 years, said a press release from Vitol.Hyung Koo Park, President and CEO of KOMIPO said, “KOMIPO looks forward to developing its relationship with Vitol, our trusted partner in the LNG business.”CEO of Vitol Group, Russell Hardy added, “We are delighted to strengthen our partnership with KOMIPO, a highly well-respected company in the region…

Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) through its subsidiary, Petronas LNG Ltd (PLL) and Vitol Asia Pte Ltd (Vitol) announced the signing of binding Heads of Agreement (HOA) for long-term liquefied natural gas (LNG) sale and purchase (SPA) agreement.Under the terms of the agreement signed on 1 October 2018, the LNG supply to Vitol commencing in 2024 will be approximately up to 0.8 million tonnes per annum for a period of up to 15 years on both Delivered Ex-Ship (DES) and Free on Board (FOB) basis, said a press release from the global energy and commodity trading company, which is also one of the largest and most experienced independent traders of LNG.The primary supply to Vitol will come from LNG Canada as well as from other PLL’s global LNG supply portfolio.

The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules.International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020."We're going to hopefully facilitate the new rules in 2020 by helping out the industry and the participants in general to have a reasonably smooth transition…

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. Bunkers are supplied to clients utilising PPPFM’s bunkering vessels / barges with all operations protected by the Secure Anchorage Area team…

Marine petroleum transportation specialist Latvian Shipping Company (LSC) hopes to raise EUR 80 million via an initial public offering (IPO) on the Riga Stock Exchange in the first half of 2016. The Supervisory Council of LSC has supported the Management Board’s proposal to raise the equity capital in the IPO. LSC is looking to double its share capital and raise equity of EUR 80mn in order to pay down existing debts due in 2016 and 2017. The LSC Management Board believes a share capital raising would achieve this and place the company in a stronger position. The IPO is subject to approval by a shareholders meeting planned for April 2016. A successful float would be the first on the Latvian bourse in over a decade.

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.

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. Yee Yang Chien, President/CEO of MISC said, "For MISC, this divestment will enable us to unlock the value of our investment in VTTI B.V.

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.

Ardmore Shipping Corporation says it has taken delivery of the newbuilding product & chemical tanker 'Ardmore Seavantage' and also of the 2006-built 'Ardmore Seamariner' as it continues its fleet expansion programme. Cork, Ireland-based Ardmore informs it has taken delivery of the Ardmore Seavantage, a 49,999 Dwt IMO 3 Eco-design MR product and chemical tanker built at SPP Shipbuilding Co., Ltd. in South Korea. Following delivery, the Ardmore Seavantage commenced operating under an existing charter arrangement with the Vitol Group.

Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2013. The company raised $140 million of gross proceeds in its initial public offering (IPO) of common stock, par value $0.01, which closed on August 6, 2013. In connection with its IPO, the company listed its common stock on the  New York Stock Exchange and trading commenced on August 1, 2013. Signed contracts for the construction of ten newbuildings at yards in South Korea and Japan which are expected to be delivered in 2014 and 2015 for a total of $319.8 million, increasing the Ardmore fleet to 20 ships consisting of eight vessels in operation and 12 vessels on order.

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.

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.

Fujairah Refinery Company Ltd, jointly owned by Vitol Group and the Government of Fujairah, recently awarded a multi-million dollar EPC contract to the Topaz Energy and Marine subsidiary, Nico International. The contract award relates to the Oil Terminal 2 “Users’ Line” Connection Project in the Port of Fujairah. Part of the Topaz Engineering division, Nico was awarded the contract by FRCL in competition with several regional names. The project includes construction of pipelines…

Morgan Stanley plans to expand its oil tanker business as global demand for crude rises, according to two people briefed on the discussions, according to Bloomberg. The company is considering operating suezmaxes, 1 million- barrel vessels that would be the largest Morgan Stanley controls, said the people, who declined to be identified because the plan is still being debated. The ships often haul crude from West Africa and the Black Sea to the U.S. and Europe. Morgan Stanley, which has traded crude oil since 1984, wants to bolster its shipping unit to compete with companies such as Glencore International AG and Vitol Group. The New York-based company purchased a tanker operator last year for $200 million.