Vitol
Encyclopedia
The Vitol group is an energy trading company founded in Rotterdam
in 1966. Vitol operates worldwide and, along with Glencore
and Trafigura
, is one of the world's top three crude oil traders. Vitol's headquarters are located in Rotterdam, the Netherlands
and Geneva
, Switzerland
. With 2010 revenues of nearly US$195 billion, the company ships more than 400 million tons of oil per year. Vitol's main operations are based in Geneva
, Houston, Singapore
and London
. In addition to the global crude and product trading businesses, the company has a growing presence in the coal, natural gas
, power, carbon emissions and bio-fuels markets.
Vitol has interests in various oil storage terminals and exploration and production projects worldwide. The latter includes ownership of Arawak, with production in Russia
, Kazakhstan
and Azerbaijan
,
and exploration assets in Cameroon
, and Ghana
.
Vitol Tanks Terminals International has an asset value in excess of $1 billion and current capacity approaching six million cubic metres in four continents. Current key locations include Amsterdam
and Europoort
in the Netherlands
, Seaport Canaveral, Florida, and a 49% share of the Ventspils
terminal in Latvia. In May 2010 MISC Bhd of Malaysia acquired 50% of VTTI for US $735 million.
In addition to offices in Dubai
and Bahrain
, Vitol's key strategic asset in the Middle East
is the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 1,034,000 cubic metre tank farm. FRCL has further development plans in place, which include a 140,000 cubic metre expansion of the tank farm, refurbishment of existing refining units and the installation of additional processing units.
Vitol is an independent company, with 330 employees making up its shareholders. Vitol has stated that through this model, its internal partnerships foster long standing relationships with its customers and proven reliability and delivery.
Rotterdam
Rotterdam is the second-largest city in the Netherlands and one of the largest ports in the world. Starting as a dam on the Rotte river, Rotterdam has grown into a major international commercial centre...
in 1966. Vitol operates worldwide and, along with Glencore
Glencore
Glencore International plc is a multinational mining and commodities trading company headquartered in Baar, Switzerland and with its registered office in Saint Helier, Jersey...
and Trafigura
Trafigura
Trafigura is an Amsterdam-based multinational company founded in 1993 trading in base metals and energy, including oil. the company had equity of more than $2 billion and a turnover of $73 billion that generated $440 million of profit....
, is one of the world's top three crude oil traders. Vitol's headquarters are located in Rotterdam, the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
and Geneva
Geneva
Geneva In the national languages of Switzerland the city is known as Genf , Ginevra and Genevra is the second-most-populous city in Switzerland and is the most populous city of Romandie, the French-speaking part of Switzerland...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
. With 2010 revenues of nearly US$195 billion, the company ships more than 400 million tons of oil per year. Vitol's main operations are based in Geneva
Geneva
Geneva In the national languages of Switzerland the city is known as Genf , Ginevra and Genevra is the second-most-populous city in Switzerland and is the most populous city of Romandie, the French-speaking part of Switzerland...
, Houston, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
and London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. In addition to the global crude and product trading businesses, the company has a growing presence in the coal, natural gas
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
, power, carbon emissions and bio-fuels markets.
Vitol has interests in various oil storage terminals and exploration and production projects worldwide. The latter includes ownership of Arawak, with production in Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
, Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
and Azerbaijan
Azerbaijan
Azerbaijan , officially the Republic of Azerbaijan is the largest country in the Caucasus region of Eurasia. Located at the crossroads of Western Asia and Eastern Europe, it is bounded by the Caspian Sea to the east, Russia to the north, Georgia to the northwest, Armenia to the west, and Iran to...
,
and exploration assets in Cameroon
Cameroon
Cameroon, officially the Republic of Cameroon , is a country in west Central Africa. It is bordered by Nigeria to the west; Chad to the northeast; the Central African Republic to the east; and Equatorial Guinea, Gabon, and the Republic of the Congo to the south. Cameroon's coastline lies on the...
, and Ghana
Ghana
Ghana , officially the Republic of Ghana, is a country located in West Africa. It is bordered by Côte d'Ivoire to the west, Burkina Faso to the north, Togo to the east, and the Gulf of Guinea to the south...
.
Vitol Tanks Terminals International has an asset value in excess of $1 billion and current capacity approaching six million cubic metres in four continents. Current key locations include Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
and Europoort
Europoort
Europoort is an area of the Port of Rotterdam and the adjoining industrial area in the Netherlands. Being situated at the mouth of the rivers Rhine and Meuse with the hinterland consisting of the Netherlands, Germany, Belgium and partly France, Europoort is by certain measurements the world's...
in the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, Seaport Canaveral, Florida, and a 49% share of the Ventspils
Ventspils
Ventspils is a city in northwestern Latvia in the Courland historical region of Latvia, the sixth largest city in the country. As of 2006, Ventspils had a population of 43,806. Ventspils is situated on the Venta River and the Baltic Sea, and has an ice-free port...
terminal in Latvia. In May 2010 MISC Bhd of Malaysia acquired 50% of VTTI for US $735 million.
In addition to offices in Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
and Bahrain
Bahrain
' , officially the Kingdom of Bahrain , is a small island state near the western shores of the Persian Gulf. It is ruled by the Al Khalifa royal family. The population in 2010 stood at 1,214,705, including 235,108 non-nationals. Formerly an emirate, Bahrain was declared a kingdom in 2002.Bahrain is...
, Vitol's key strategic asset in the Middle East
Middle East
The Middle East is a region that encompasses Western Asia and Northern Africa. It is often used as a synonym for Near East, in opposition to Far East...
is the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 1,034,000 cubic metre tank farm. FRCL has further development plans in place, which include a 140,000 cubic metre expansion of the tank farm, refurbishment of existing refining units and the installation of additional processing units.
Vitol is an independent company, with 330 employees making up its shareholders. Vitol has stated that through this model, its internal partnerships foster long standing relationships with its customers and proven reliability and delivery.