Vitol Revenue Up Despite "Very Challenging Year"

by Ship & Bunker News Team
Tuesday March 25, 2014

Oil trader Vitol Group (Vitol) reports it increased its revenue and volumes in 2013 despite difficult conditions.

"2013 was a very challenging year for many in the physical energy distribution business," said President and CEO Ian Taylor.

"Markets remained extremely competitive with new entrants increasing margin pressure on certain regional activity."

The company's revenue for the year was $307 billion, up from $303 billion in 2012, and its total traded crude and oil product volumes rose to 276 million metric tonnes from 261 million tonnes in 2012.

Vitol did not disclose its bottom line for the year.

Taylor said some investment banks have moved away from commodity-related activities, which reduced liquidity in the power markets, but the shift also creates "longer term opportunities."

"At the same time, we continue to see investment opportunities in the mid and downstream as the majors focus their activities upstream," he said.

"Our investment in Vivo, which operates the Shell branded business across 15 countries in Africa, continues to perform well and we are excited by the prospect of Shell Australia, which we hope to complete later this year."

Royal Dutch Shell (Shell) announced in February that it would sell its Australian downstream assets to Vitol for $2.6 billion.

Ship & Bunker News Team
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