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
Sources say GP Global's bunkering desks are not closed but "on hold" while it continues talks with creditors; Employee salaries were paid in full last month, reports Argus.
The vessel was discovered by the Tanjung Sedili Maritime Zone’s patrol team at 1.35 pm on Sunday (20 September) about 14 nautical miles east of Tanjung Siang.
Both China and Singapore are committed to meeting their sustainability goals under the Paris Agreement, and have embarked on green finance agendas.
For those who miss the action of the bunker industry while on holiday, many locations offer a complimentary bunker barge or two patiently waiting on the horizon.
‘This is an exciting time for both myself, and for Geneva’s bunker trading market,’ says Maierhofer.
INE statement did not name any specific storage sites, but cited Petrochina had distribution centres for bunker fuel overseas in Singapore, reports Reuters.
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.
Maritime sector may find it increasingly challenging to manage bunker prices, Dennis Ho, Managing Director at ElbOil Singapore tells Singapore bunkering publication Manifold Times.
