EMEA News
Vitol to Spend Half of Capex on Low Carbon and Renewables
The head of commodities trader Vitol has said that the company will invest around half of the company's capital expenditure in low-carbon and renewables.
Vitol's chief executive, Russel Hardy, told the Energy Intelligence Forum in London that around $1 billion out of a capex of around $2 billion is going into renewables business, Reuters reports.
"We've got a fair amount of capex going into the renewables and power business," Hardy was quoted as saying.
The executive said that he expects market volatility to leave Brent crude oil prices at around $80 to $90 a barrel over the next 12 month.
The two other speakers on the panel -- the CEO of trading house Gunvor, Torbjörn Törnqvist, and the head of oil trading at Trafigura, Ben Luckock -- missed the event after climate protestors blocked the entrance to the conference, according to the report.
