Energy and commodities company Vitol posted a 19% increase in turnover during the financial year ended 31 December 2017 (FY2017).
The firm did not release FY2017 net profits but Bloomberg estimated it to be $1.5 billion (-25%) while the Financial Times said it was $1.2 billion (-19%) when compared to the earlier year.
“Vitol continues to perform solidly,” said Ian Taylor, Chairman, Vitol.
“Overall volumes held steady at just over 7 million barrels per day and turnover rose to $181 billion on the back of an increase in the average oil price over the course of the year.
“2017 was a challenging year, notwithstanding robust demand growth of 1.6 million barrels a day.
“Across the year, the pattern of demand and supply surprised the market, causing prices to dip in H1 2017, before rallying in the latter part of the year.”
Vitol’s crude and product trading volumes (excluding LNG and LPG) fell slightly to 349 million mt (2016: 351 million mt), maintaining an average of over 7 million barrels a day.
Gasoline volumes fell back to 34 million mt in FY2017 (2016: 44 million mt). The group expects gasoline volumes to increase in the coming years due to the acquisition of Noble Americas.
LPG volumes also fell slightly to 14.3 million mt after strong growth in 2016 while LNG grew commensurately to 7.4 million mt.
Vitol, meanwhile noted its portfolio company Varo Energy announcing its intention to float on Euronext Amsterdam.
“Since its creation in 2012, Varo has grown to an integrated fuel supply company in North West Europe with a refining capacity of 165,000 barrels per day, 144 distribution outlets, 232 retail outlets and 12 river bunker stations,” notes Taylor.
“Vitol will continue to work closely with Varo on the sourcing of products and crude and intends to remain a shareholder.
Manifold Times earlier reported Cockett Marine Oil, another portfolio company of Vitol, retuning to profit during 2017.
Related: Cockett Marine Oil returns to profit during 2017
Related: VARO Energy to launch IPO on Euronext Amsterdam
Photo credit: Vitol
Published: 28 March, 2018
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