In 2014, Vitol traded over 30 million tonnes of coal, corresponding to a marketshare of 2.6% of internationally traded coal. [8][9][1][2][10] Though physical trading, logistics and distribution are at the core of the business, Brexit Deal Offers Scant Solace to City of London Under Thre... Former CEO died from pneumonia after long battle with illness, Vitol soared under Taylor to become biggest oil trader. The major ones being the Slobodan Miloševi? “He was also widely liked and admired as a human being, and will be sorely missed by those who knew him and worked alongside him,” Weir said. [38], Vitol Asia Pte Ltd operates as an energy and commodities company. retail businesses. He was 64. Treasury Market’s Inflation Gauge Nears 2%, Highest Since 20... Oil Limps Forward as Dimming Stimulus Outlook Batters Equiti... Fed Extends Main Street Program to Process Last Submitted Lo... U.K. Markets Rally in First Full Trading Day After Brexit De... U.S. 20-City Home Price Index Posts Biggest Gain Since 2014. It earned $1.5 billion in 2017, the last full-year Taylor served as CEO. “It was a deal which, to be honest, got much larger than it should have,” Taylor said. Vitol is invested in Australia’s growing downstream sector through Viva Energy, which was formed following the acquisition of Shell’s downstream business in Australia. In more than half a century, the company has never suffered an annual loss. Founded by Vitol in 2006, VTTI has a network of strategically placed terminals and associated assets in 14 countries. In Depth: Hidden Oil Giant Vitol Skirts War, Market Chaos to Make Billions. The Company offers refining, trading, shipping, and storage of crude oil and energy products. This article needs additional citations for verification. Have a confidential tip for our reporters? In 1993, a number of Marc Rich employees, led by Claude Dauphin, left to set up another trading company, Trafigura. Taylor refused to follow Glencore’s path and become a public company, keeping the firm private despite numerous conversations over the years about an initial public offering, or selling the business to others -- at one point a buyout by now-defunct trader Enron was discussed. Beyond his role in global commodities trading, Taylor is credited with saving and rejuvenating the industry that produces the fabric tweed on the remote Scottish island of Harris. It’s also backed solar-power fields and is building a carbon capture, storage and hydrogen facility near its power plant operations in Britain. He was well known in the U.K. as a philanthropist to the arts -- opera and ballet were a particular passion -- and had been a major donor to the ruling Conservative party. Our history. [26] The business trades as Viva Energy Australia, although the Shell brand remains on many of its retail products. His son in law is newly anointed acting underboss / street boss Joe Cammerano jr. Also Grimaldi has been listed as a major mediator in the family in the last decade or so. Despite the occasional brush with scandal, Vitol grew at a rate few in Silicon Valley could match under his watch, increasing net income from $22.9 million in 1995 to a record $2.28 billion in 2009. Mixing an easy charm with a relentless business mind, Taylor struck lucrative deals with governments, national oil companies, refiners and producers to transform Vitol into a global player. controversy in which the company was accused of paying Serbian war criminal to … Argos and Varo Energy will be integrated into one enlarged Varo Energy Group. Trafigura Group Pte. He started at Shell in 1978, where he learned oil trading through stints in Singapore and Caracas. [37] Vitol is appealing this decision. The mon­ey came from the Geneva branch of BNP Paribas where Oilex has its bank accounts – as can be seen in a doc­u­ment from the … (Adds deal to sell 50 percent of VTTI, paras 6-7)) July 21 (Reuters) - Vitol [VITOLV.UL], the world's largest energy trader, said on Wednesday it was negotiating a deal to buy equity in Royal Dutch Shell's African downstream business. Ltd. is a Singaporean multinational commodity trading company founded in 1993 that trades in base metals and energy. [14][15], Vitol is a private company which is owned significantly by a proportion of its employees, who are known for their culture of privacy and secrecy, from both competitors and the general public. To find out who owns a particular domain name, all you have to do is type it into the box above. The CFTC’s order also included allegations that Vitol attempted to manipulate S&P Global Platts physical oil benchmarks in August 2014 and July 2015 for its own profit. Founded in 2004, Mercuria has become a global energy and commodities trading company. He combined energy and a determination to succeed with humility, humor and humanity,” Hardy said in the statement. One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. [ID:nLDE66K1HF] “We did a settlement to protect our own staff,” Taylor said, suggesting that without the deal, U.S. prosecutors could have charged individual traders. On average it handles more than 7 million barrels a day of oil and products - roughly equivalent to the daily consumption of Japan - the world's third largest oil consumer after the United States and China. Vitol plays a crucial role in energy markets, buying, selling, blending and transporting crude oil and fuel around the world. Vitol owns a power plant in the U.K. and launched a 200 million euro ($237 million) fund in 2018 to invest in wind farms. [19][20], In total, Vitol has around 16 million cubic meters of storage capacity across the globe. Vitol neither admitted nor denied the findings in reaching settlement. * Vitol Tank Terminals International owns more than 5 million cubic metres of storage throughout the world and plans to increase this to more than 8 million cubic metres by 2012. [auto-x-post - OP was Rick_Rubin] Today it co-owns five refineries with a capacity of 390,000 barrels per day. The head of Trafigura Group, Jeremy Weir, said Taylor was a formidable figure in the modern commodities trading industry, and central to the establishment of Vitol as a success. He will be missed.” Glasenberg, said. Today, operations range from trading floors in London, Singapore and Houston, through storage tanks in the Netherlands and the United Arab Emirates, to filling stations in Australia. Javier Blas. Anybody know who owns Vitol? Vitol has agreed to pay a US$135mn criminal fine for the bribery charges, US$45mn of which will be credited to Brazilian authorities, with the payment resolving a parallel investigation being run by the South American country into Vitol. My Mother’s Gone’: How One Family Is Coping With Loss. Viva supplies circa 30% of South Australia’s fuel needs, through both imports and products refined at the Geelong refinery, Victoria which it owns. Glencore plc is an Anglo-Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland, its oil and gas head office in London and its registered office in Saint Helier, Jersey.The current company was created through a merger of Glencore with Xstrata on 2 May 2013. * Vitol Tank Terminals International owns more than 5 million cubic metres of storage throughout the world and plans to increase this to more than 8 million cubic metres by 2012. [23], In January 2012 Vitol acquired a stake in a subsidiary of the South African shipping firm Grindrod, which gives it access to a coal terminal in Mozambique.[24]. With locations across North Western Europe, VARO has been growing its downstream business since 2012 by finding new solutions that challenge industry standards in today’s energy sector. Vitol enjoyed its golden years under Ian Taylor as CEO, with annual net profit surging at times to more than $2 billion between 2000 and 2017, Bloomberg News based on corporate filings. Vitol, the privately owned company that has grown under chief executive Ian Taylor into a 6m barrel a day oil trader, ... a Turkish company that owns more than 1,700 filling stations. Oilex paid over US$100 mil­lion into the trust in two tranch­es. For Varo Energy, please contact Florence ... stores and distributes oil products for the North West European market. Today it co-owns five refineries with a … The contract is expected to help meet Ghana's burgeoning energy needs.[28]. Navgas An LPG terminal located in Lagos and built to European standards, the Lagos terminal serves Nigeria’s growing population with cleaner fuel for domestic gas and emerging gas-to-power projects across West Africa. Vitol Group’s U.S. subsidiary agreed to pay $164 million to resolve probes by the U.S. government that the energy trader paid bribes in Brazil and other countries to boost its oil trading business, the U.S. Department of Justice said on Thursday. Vitol’s culture originated over 50 years ago with our founders and their combination of entrepreneurship, determination to succeed, integrity, hard work and humility. Vitol subsequently paid $17.5 million in restitution for its actions. [32], According to an article in the Financial Times, Vitol was the company to organise the first controversial sale of Libyan rebel oil to Tesoro Corporation in early April 2011. For Vitol, please contact Fabian Gmuender, +44 20 7312 4478. The label's LV monogram appears on most of its products, ranging from luxury trunks and leather goods to ready-to-wear, shoes, watches, jewelry, accessories, sunglasses and books. Katie Holmes appears to have moved on after her split last year from Jamie Foxx. Today it co-owns five refineries with a capacity of 390,000 barrels per day. [35], In 2013, The Telegraph alleged that the company had been using for over a decade an Employee Benefit Trust, avoiding paying income tax for its UK staff. , August 1, 2020, 7:58 AM PDT. "These assets, which both enable VPI to provide essential services to the grid across England and are developing their own carbon abatement programmes, will contribute to achieving Net Zero," David Brignall, VPI manager, said. VTTI has 13 terminals on five continents with around 8.5 million cubic metres of capacity. In addition to the global crude and product trading businesses, the company trades coal, natural gas, power, ethanol, methanol, gasoline, LNG, LPG, naphtha, bitumen, base oils and carbon emissions. Vitol pleaded guilty in the Supreme Court of the State of New York. “Ian was an exceptional man. Vitol has also bought filling station assets in Europe under the Varo brand. In May 2010, Vitol sold half of VTTI to MISC Berhad, of Malaysia. Vitol claims to have “become one of the world’s top 5 coal traders.” Updates with quotes from Glencore and Trafigura CEOs as well as profit chart. The combined heat and power plant (CHP) is one of the largest of its kind in Europe, capable of generating 1,240 MW and up to 930 tonnes of steam per hour which is used by nearby refineries. Trafigura Group Pte. Arawak Energy is mainly focused on the FSU where it produces oil and gas in Ukraine, Kazakhstan and Azerbaijan, while Vitol E&P holds a portfolio of exploration and development assets along the West African Transform Margin in Ghana and the Ivory Coast. The gas-fired plant provides approximately 2.5% of UK peak electricity demand. Oilex paid over US$100 million into the trust in two tranches. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). 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 meter tank farm. From today, Varo Energy’s shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol. In 2018, Vitol bought the 85,000 barrel per day Rotterdam Condensate Splitter from Koch Industries. Vitol bought 2 million barrels using a ship-to-ship transfer off the coast of Malaysia from a National Iranian Tanker Company vessel and sold it to Chinese traders. Vitol owns a power plant in the U.K. and launched a 200 million euro ($237 million) fund in 2018 to invest in wind farms. Along with Glencore Plc’s CEO Ivan Glasenberg and Trafigura’s late co-founder and former chairman and CEO Claude Dauphin, Taylor is widely regarded as a pioneer of global commodities trading. One of the com­pa­nies is Oilex NV, the com­pa­ny that joint­ly owns Ingma with Vitol. [40], "Meet The Mysterious Trading Firms Who Control The Price Of Commodities", "Commodity Traders: The trillion dollar club", "Top ten global oil and commodities traders", "Top Trader Vitol Has New CEO as Taylor Becomes Chairman", "Swiss-Dutch Vitol to receive LNG from Gazprom from 2018", "The unseen hand that moves the world's oil", "Vitol Said to Post Highest Profit Since 2011 as Oil Prices Swing", "Corrected: Commodity Traders: The trillion dollar club", "Oil trader Vitol's profits rebound to $1.35bn", "Vitol: Tough work but staff stay loyal due to huge bonuses", "Two commodity trading houses where average pay is £750k+", "Vitol, RNK Capital Complete Inaugural Trade on The Green Exchange", "Vitol buys stake in Grindrod's coal terminal", "UAE's Fujairah sells refinery stake to Vitol", "Vitol to retain jobs at Geelong refinery after buying Shell's assets", "Gov't signs $7billion oil and gas agreement to produce 1100 megawatts power", "Controversial background of No campaign donor", "Swiss Commodities Business May Be Revamped", "US refiner Tesoro buys cargo of Libyan rebel oil", "Exclusive: Vitol trades Iranian fuel oil, skirting sanctions", "Oil trader Vitol in talks over tax-avoidance bill", "The Dispute Settlement and Sanctions Committee (CoRDiS) imposes a penalty for market manipulations on the wholesale energy market", "Research Guides: Commodities: Commodity trading firms", "Vitol Asia Pte Ltd - Company Profile and News", https://en.wikipedia.org/w/index.php?title=Vitol&oldid=995687214, Creative Commons Attribution-ShareAlike License, Oil: 351 million tonnes of crude oil and product sales, Natural Gas: over 20 billion cubic meters of physical gas globally, Gasoline: 1 million barrels of physical gasoline traded per day, Carbon: 49 mm tonnes of contracted carbon volume, Chemicals: 4 million tonnes (Benzene and Paraxylene), This page was last edited on 22 December 2020, at 10:09. 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