Global commodity trader Vitol on Thursday (25 November) issued a statement of an intended acquisition of African fuel distributor Vivo Energy for USD 2.3 billion.
Vitol and its concert parties already own 36.0%. of Vivo, and Vitol has secured an agreement to acquire a further 27.1% of the company from Helios.
“Since we founded Vivo with Helios and Shell, we have believed in the business’ potential and we are excited to have it within the Vitol family, as a pillar of our strategy in Africa. We are pleased that both Helios and the Independent Vivo Directors support our proposal,” comments Chris Bake, Head of Origination at Vitol.
“We very much look forward to working with management on this next phase of growth and we thank Helios for their support and collaboration over the last ten years.”
“Since Vivo Energy was established 10 years ago, the company has had a clear growth strategy and looked to deliver sustainable value for all its stakeholders. The Independent Vivo Directors believe that Vivo’s leading position in Africa means that it is well positioned to continue to capitalise on the opportunities that will arise from the fundamental growth drivers on the continent,” states John Daly, Chair of Vivo.
“Vivo also demonstrated the strength of its business model through the impacts of the pandemic, with a rapid recovery in operational and financial performance, supported by committed leadership and employees who embody the unique Vivo culture.
“This performance and strong financial position has enabled the business to deliver on its growth plans and allows the Independent Vivo Directors to consider its future and evaluate Vitol’s offer from a position of strength.”
Photo credit: Scott Graham from Unsplash
Published: 26 November, 2021
‘We owe this success to the excellent partnership with our longstanding clients and key maritime stakeholders,’ says MD.
Lead times are shorter for VLSFO and LSMGO stems in Singapore, while VLSFO supply has tightened in China’s Shandong area this week, according to update.
Latest changes introduced to safeguard the wellbeing of seafarers undergoing crew change as well as Singapore’s populace, it says.
Unni Einemo, Director at IBIA, speaks with Ron Van Gelder, Senior Adviser for the Harbour Master Division at the Port of Rotterdam of the development.
“In our 19 years in oil and shipping, we have never supplied 4 million tonnes of marine fuels this early in the year,” it states.
OGVs which have visited Group A (high-risk) countries required to undergo quarantine and self-monitoring before conducting bunkering operations.
‘We are here to transfer the extremely valuable knowledge gained over the past six years to the maritime sector, such that our customers are comfortable in the use of such biofuels,’ states CEO Olivier Baiwir.
Newly appointed Anthony Mollet speaks to Manifold Times about his role, vision, value proposition and plans for the Marine Fuels Alliance to become a wide-reaching and engaging bunkering industry association.
SFP will be retrofitting VPT’s existing bunker vessel with its Full Electric Ready (FER) system and seeks to commission the vessel in the second quarter of 2022, CEO of SFP George Lee tells Manifold Times.
Equatorial Marine Fuel Management Services, Oldendorff Carriers, Lloyd’s Register and organisers took part in a Bunker Quality Claims Webinar moderated by Manifold Times on 10 November.
‘Though it did introduce temporary commercial and operational disruptions, we took a constructive view of the situation and chose to use this event as a learning opportunity,’ shares a Consort Bunkers spokesperson.
Gealubes Consulting & Trading, the authorised marine business distributor of PANOLIN EALs at Singapore port, shares a two-part education series on Environmentally Acceptable Lubricants on Manifold Times.
30 Nov 2021
