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and. Its the 8 largest company in the world with revenues of over 300B per year. In February 2014, it was reported that Vitol, in concert with the Abu Dhabi Investment Council, had bought the downstream businesses of Shell Australia (excluding aviation) for a total of approximately AU$2.9 billion. 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 … , August 1, 2020, 7:58 AM PDT. Varo, which is jointly controlled by Vitol and private equity company Carlyle Group, owns two refineries in north-west Europe as well as 144 fuel distribution facilities and 232 retail outlets. 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. Battling cancer, he moved to the role of chairman in 2018, when one of his longtime lieutenants Russell Hardy took over. Vitol pleaded guilty in the Supreme Court of the State of New York. [31], In 2007, Vitol pleaded guilty to grand larceny in a New York court for paying surcharges to Iraq's national oil company during Saddam's regime and circumventing the UN oil-for-food program. With revenues of $231 billion in 2018,[11] it is the largest independent energy trader in the world, and would rank ninth on the Fortune Global 500 list. “Ian was an exceptional man. About us overview; Operating globally; Our people, our culture; Video library; Corporate disclosures; Corporate marketing ; Vitol Foundation; What we do. Argos’ existing operations will continue to trade under the Argos … We owe him a great deal.”. 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. In 2014, Vitol traded over 30 million tonnes of coal, corresponding to a marketshare of 2.6% of internationally traded coal. 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. For Varo Energy, please contact Florence ... stores and distributes oil products for the North West European market. An investigation led by Paul Volcker, the former U.S. Federal Reserve chairman, exposed a world of illicit payments, secret bank accounts, and diplomats for hire. “Ian was one of the last of the pioneers that helped transform the oil trading industry. 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. About us . One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. In more than half a century, the company has never suffered an annual loss. [29][30] Vitol has denied all charges, arguing that no government agency has ever prosecuted the company in this respect. 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. Updates with quotes from Glencore and Trafigura CEOs as well as profit chart. Oilex paid over US$100 million into the trust in two tranches. She's dating New York City chef Emilio Vitolo, 33, and they've been spotted on several public date nights in the city. 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. Vitol partners with, funds or owns mines in the United States, Indonesia, Canada, South Africa and Russia. Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders. Vitol has 40 offices worldwide and its largest operations are in Geneva, Houston, London, and Singapore. But the company does provide financial information to its lenders and some energy groups with which it trades. 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. [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. Vitol was founded by Henk Viëtor and Jacques Detiger in 1966. [36], In 2018, The Dispute Settlement and Sanctions Committee of CRE, the French Energy Regulatory Commission, fined VITOL S.A. € 5 million for engaging in market manipulation on the French Southern virtual Gas Trading Point (“PEG Sud”) between 1 June 2013 and 31 March 2014. He will be missed.” Glasenberg, said. [38], Vitol Asia Pte Ltd operates as an energy and commodities company. 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. “You need to have relationships,” Taylor told Bloomberg News in 2016. [12] Because Vitol does not publish its profits widely, much like most of its competitors in commodity trading, it is largely excluded from rankings. Vitol's major assets in Fujairah Refinery Company Limited Middle East and have several refining assets around the globe in cities like Cressier and Antwerp. The major ones being the Slobodan Miloševi? Vitol is a trading firm, not a power generator, so they got the supply by calling other traders and asking to buy some power. Founded in 2004, Mercuria has become a global energy and commodities trading company. An Oxford-educated Briton with Scottish family roots, Taylor joined Vitol from Royal Dutch Shell Plc in 1985 and took over as chief executive officer a decade later. Vitol, through its wholly owned subsidiaries Arawak Energy Limited and Vitol E&P, has interests in various exploration and production projects worldwide. It earned $1.5 billion in 2017, the last full-year Taylor served as CEO. Vitol’s culture originated over 50 years ago with our founders and their combination of entrepreneurship, determination to succeed, integrity, hard work and humility. For Vitol, please contact Fabian Gmuender, +44 20 7312 4478. [33] According to the Financial Times, the company was approached by the Qatari national oil company to sell a cargo of crude oil supplied by the Libyans in exchange for technological supplies and fuel for the National Transitional Council of Libya. controversy in which the company was accused of paying Serbian war criminal to … [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. The company was founded in 1974 as Marc Rich & Co. AG by commodity traders Marc Rich and Pincus Green. In May 2010, Vitol sold half of VTTI to MISC Berhad, of Malaysia. Jack Farchy. 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. Vitol’s net profit in 2019 matches its 2009 record high. Viva supplies circa 30% of South Australia’s fuel needs, through both imports and products refined at the Geelong refinery, Victoria which it owns. The company is privately held by about 350 employee-shareholders who enjoy hearty dividends ($820m in 2015). Ian Taylor, the trader who helped shape the modern oil market by transforming a small Dutch fuel merchant called Vitol Group into one of the world’s biggest commodity houses, has died. Vitol established its own storage and terminal subsidiary, VTTI, in 2006 and invested heavily to create a major international network of terminals at key trading hubs. The article stated that as Vitol is based in Switzerland, which did not implement Western sanctions, Vitol had skirted the charges. The energy trading company ships petroleum products, ethanol, dry goods (coal, sugar), liquid natural gas and liquid petroleum gas, and chemicals around the world. 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 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. It is legally registered and headquartered in Singapore. As a pro-European, he was firmly on the remain side of the Brexit debate. Vito Grimaldiwas a powerful Bonanno soldier who owns Grimaldi Bakery in Queens. [34], In September 2012, an article in Reuters alleged that the company had bought and sold Iranian fuel oil, bypassing an EU embargo against Tehran. 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. “He challenged all of us to be the best we could be. retail businesses. Vitol Asia serves clients worldwide. To find out who owns a particular domain name, all you have to do is type it into the box above. [10] In March 2015, the Financial Times suggested that Vitol appeared to make a $1.2 billion dividend distribution. Nestlé Health Science (NHSc), a global leader in the field of nutritional science, has agreed to acquire a majority stake in Vital Proteins, America’s top-selling collagen brand. In Depth: Hidden Oil Giant Vitol Skirts War, Market Chaos to Make Billions. 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 … Vitol has also bought filling station assets in Europe under the Varo brand. 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. [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. * 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. The announcement from Vitol included a short statement by CEO Russell Hardy, who succeeded Taylor in March of 2018. 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 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. “Ian was an exceptional man. Vitol is an energy and commodities company. Vitol pleaded guilty in the Supreme Court of the State of New York. [27], Further in January 2015, Vitol in collaboration with Eni signed a $7 billion agreement with the government, for the production of oil and gas at Cape Three Points in Western Region of Ghana. Vitol claims to have “become one of the world’s top 5 coal traders.” Still, Vitol and Taylor kept up their end of the bargain and were eventually repaid in full. It is legally registered and headquartered in Singapore. One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. For over 50 years we have used our networks and infrastructure to manage the flow of energy around the world, efficiently and responsibly. He started at Shell in 1978, where he learned oil trading through stints in Singapore and Caracas. Oil trader Vitol has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil's Petrobras, its former partner said on Friday. these are complemented by refining, shipping, terminals, exploration and production, power generation, and Vitol is the CEO of Matchett-Reddy at the time the series takes place, and the son of the company's previous CEO who bought all five major media companies. [13] The company ships more than 350 million tonnes of crude oil per year and controls 250 supertankers and other vessels to move it around the world. (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. [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. The Internet Corporation of Assigned Names and Numbers (ICANN) requires accredited registrars like Epik.com to publish the registrant's contact information, domain creation and expiration dates and other information in the WHOIS listing as soon as a domain is registered. The Company offers refining, trading, shipping, and storage of crude oil and energy products. A 2001 article in the Observer stated that in 1995 Vitol had secretly paid US$1 million to Serbian war criminal Arkan to settle a deal with a Serbian Oil company, Orion. One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. 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. [16][17][18], 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. [39], The company was founded in April 21st, 1990 and is headquartered in Singapore. Oilex paid over US$100 million into the trust in two tranches. U.S. Stocks Drop After Hope Fades for Expanded Aid: Markets Wrap, Alibaba Probe Stirs Worry About What’s Next for Chinese Tech, Ant Turning From Windfall to Nightmare for Global Investors, Brexit Deal Is Too Little, Too Late for U.K.’s Car Industry, ‘My Daughter’s Gone. Trafigura Group Pte. This article needs additional citations for verification. 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. As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies. [22] MISC Berhad held a 50% stake in VTTI from May 2010 until August 2015. 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. He was 64. The agreed Libya deal went awry within days as Qaddafi’s forces blew up a key pipeline. Following the transaction, VTTI will be owned 10% by ADNOC, 45% by IFM Global Infrastructure Fund (IFM GIF), an investment vehicle managed by IFM Investors, and 45% by Vitol (both directly and through Vitol Investment Partnership II Ltd, an investment vehicle sponsored and managed by Vitol). Have a confidential tip for our reporters? Vitol is a Dutch energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. Our history. He combined energy and a determination to succeed with humility, humor and humanity,” Hardy said in the statement. Since then, Vitol has sought out partners, including an Abu Dhabi sovereign wealth fund, when buying assets. VTTI has 13 terminals on five continents with around 8.5 million cubic metres of capacity. 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. FRCL has further development plans in place, which include a 140,000 cubic meter expansion of the tank farm, refurbishment of existing refining units and the installation of additional processing units. Success brought rewards for Taylor and Vitol’s other employees, who are also the firm’s shareholders. The contract is expected to help meet Ghana's burgeoning energy needs.[28]. 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. 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. Vitol is working with other industries in the Humber industrial zone near Immingham, to cut carbon emissions. 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. “We did a settlement to protect our own staff,” Taylor said, suggesting that without the deal, U.S. prosecutors could have charged individual traders. Oilex paid over US$100 million into the trust in two tranches. [25] Vitol also has invested in refining assets in Bayernoil (Germany), Cressier (Switzerland), Antwerp (Belgium) and the Geelong refinery near Melbourne (Australia). 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. 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
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