Global Energy Trader Vitol Posts 8% Oil Volume Surge

Global energy trader Vitol stated Friday its 2019 revenues have been $225 billion and its traded oil and refined products volume soared by 8%.

Global Energy Trader Vitol Posts 8% Oil Volume Surge

CEO Russell Hardy stated last year’s efficiency was “solid”, as the corporate’s traded oil volume hit 8 million barrels per day (bpd), up from 7.4 million bpd two years ago.

At the beginning of January, the global shipping business had to begin using gasoline with a maximum sulfur content of 0.5% in response to new guidelines by the International Maritime Organisation (IMO) in order to reduce pollution.

Vitol, the world’s biggest oil dealer, and its rivals have more and more been looking at how to regulate their business models, heavily reliant on fossil fuels, to the vitality transition.

Hardy mentioned Vitol expects “non-oil to comprise a rising share of our revenues, albeit from a comparatively low base”. Its traded liquefied pure gasoline volumes jumped 35% to 10.5 million tonnes as a part of this shift as pure fuel burns cleaner than different fossil fuels like coal or fuel oil.

In Ghana, Vitol’s joint upstream gas venture with Italian giant Eni and Ghana’s GNPC allowed the nation to slash carbon emissions by over 1.6 million tonnes last year as its energy stations changed liquid fuels with natural gas.

In 2019, it was additionally marked by further downstream consolidation as Abu Dhabi’s ADNOC acquired a 10% stake in storage unit VTTI.