who owns vitol

But the company does provide financial information to its lenders and some energy groups with which it trades. [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. Ltd. is a Singaporean multinational commodity trading company founded in 1993 that trades in base metals and energy. [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. She's dating New York City chef Emilio Vitolo, 33, and they've been spotted on several public date nights in the city. Energy trader Vitol has agreed to buy four combined cycle gas turbines (CCGTs) in Britain from Drax Smart Generation, the firm said on Tuesday, pushing its total CCGT capacity to 3.3 gigawatts. The agreed Libya deal went awry within days as Qaddafi’s forces blew up a key pipeline. 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. and. As CEO, Taylor suffered the most damaging hit to his reputation in 2007 after allegations Vitol paid about $13 million in “surcharges” to the regime of Saddam Hussein to secure oil shipments. My Mother’s Gone’: How One Family Is Coping With Loss. It trades carbon credits and owns carbon credit aggregator CRM. Anybody know who owns Vitol? [ID:nLDE66K1HF] [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. It trades 8 million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes. Vitol would be paid in crude oil. [ID:nLDE66K1HF] Vitol likes to keep things moving. 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. “We did a settlement to protect our own staff,” Taylor said, suggesting that without the deal, U.S. prosecutors could have charged individual traders. In 1993, a number of Marc Rich employees, led by Claude Dauphin, left to set up another trading company, Trafigura. “He challenged all of us to be the best we could be. 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. Vitol has been involved in several controversies. 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. But Kho says Vitol never forgets its key strength. By. 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. [29][30] Vitol has denied all charges, arguing that no government agency has ever prosecuted the company in this respect. 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. 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. Javier Blas. Vitol Investment Partnership 11, which leads a consortium buying the assets has 50 percent stake, while each of Africa Oil and Delonex Energy has 25 percent. [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. One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. 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. Have a confidential tip for our reporters? 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. 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. 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. 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 … One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. 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. 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 … [21], Vitol is the sole owner of VTTI B.V., a storage and terminals business with a capacity of around 8.7 million cubic meters (MCM) in 11 countries: Netherlands (1.328 MCM + 1.118 MCM), Latvia (1.195 MCM), UAE (1.180 MCM), Belgium (0.965 MCM), Malaysia (0.893 MCM), Cyprus (0.544 MCM), USA (0.452 MCM), Argentina (0.218 MCM), Kenya (0.111 MCM), Russia (0.049 MCM), Nigeria (0.016 MCM). “Ian was an exceptional man. Success brought rewards for Taylor and Vitol’s other employees, who are also the firm’s shareholders. 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. 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. Vitol plays a crucial role in energy markets, buying, selling, blending and transporting crude oil and fuel around the world. VTTI has 13 terminals on five continents with around 8.5 million cubic metres of capacity. 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. Still, Vitol and Taylor kept up their end of the bargain and were eventually repaid in full. The company was founded in 1974 as Marc Rich & Co. AG by commodity traders Marc Rich and Pincus Green. , August 1, 2020, 7:58 AM PDT. The Company offers refining, trading, shipping, and storage of crude oil and energy products. * 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. 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. [26] The business trades as Viva Energy Australia, although the Shell brand remains on many of its retail products. To find out who owns a particular domain name, all you have to do is type it into the box above. As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies. Oilex paid over US$100 million into the trust in two tranches. It is the world's second largest private oil trader after Vitol and the world's largest private metals trader. 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 … It’s also backed solar-power fields and is building a carbon capture, storage and hydrogen facility near its power plant operations in Britain. We owe him a great deal.”. [25] Vitol also has invested in refining assets in Bayernoil (Germany), Cressier (Switzerland), Antwerp (Belgium) and the Geelong refinery near Melbourne (Australia). The energy trading company ships petroleum products, ethanol, dry goods (coal, sugar), liquid natural gas and liquid petroleum gas, and chemicals around the world. Katie Holmes appears to have moved on after her split last year from Jamie Foxx. these are complemented by refining, shipping, terminals, exploration and production, power generation, and About us . Vitol neither admitted nor denied the findings in reaching settlement. [22] MISC Berhad held a 50% stake in VTTI from May 2010 until August 2015. Battling cancer, he moved to the role of chairman in 2018, when one of his longtime lieutenants Russell Hardy took over. Before it's here, it's on the Bloomberg Terminal. For Vitol, please contact Fabian Gmuender, +44 20 7312 4478. Vitol has 40 offices worldwide and its largest operations are in Geneva, Houston, London, and Singapore. For Varo Energy, please contact Florence ... stores and distributes oil products for the North West European market. Founded by Vitol in 2006, VTTI has a network of strategically placed terminals and associated assets in 14 countries. December 2008) (Learn how and when to remove this template message) The gas-fired plant provides approximately 2.5% of UK peak electricity demand. 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. Argos’ existing operations will continue to trade under the Argos … Oil trader Vitol [VITOLV.UL] 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. The company is privately held by about 350 employee-shareholders who enjoy hearty dividends ($820m in 2015). “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. Its the 8 largest company in the world with revenues of over 300B per year. [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. 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. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). Today it co-owns five refineries with a capacity of 390,000 barrels per day. Oilex paid over US$100 million into the trust in two tranches. 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. 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’s net profit in 2019 matches its 2009 record high. Vitol Asia serves clients worldwide. 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. Today it co-owns five refineries with a capacity of 390,000 barrels per day. The contract is expected to help meet Ghana's burgeoning energy needs.[28]. “Ian was one of the last of the pioneers that helped transform the oil trading industry. Vitol pleaded guilty in the Supreme Court of the State of New York. [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]. 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). About us overview; Operating globally; Our people, our culture; Video library; Corporate disclosures; Corporate marketing ; Vitol Foundation; What we do. 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. 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. [39], The company was founded in April 21st, 1990 and is headquartered in Singapore. It’s also backed solar-power fields and is building a carbon capture, storage and hydrogen facility near its power plant operations in Britain. One of the com­pa­nies is Oilex NV, the com­pa­ny that joint­ly owns Ingma with Vitol. 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. 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. Jack Farchy. In 2014, Vitol traded over 30 million tonnes of coal, corresponding to a marketshare of 2.6% of internationally traded coal. “It was a deal which, to be honest, got much larger than it should have,” Taylor said. controversy in which the company was accused of paying Serbian war criminal to … Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders. 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. In Depth: Hidden Oil Giant Vitol Skirts War, Market Chaos to Make Billions. In 2014, Vitol along with Abu Dhabi Investment Council bought Shell Australia. [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. Over the last decade during his tenure as CEO its 350 top employees received a total of more than $10 billion in payouts, according to corporate fillings. * 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. 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. (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. The purchase included Shell's Geelong Refinery and its 870-site retail business, along with its bulk fuels, bitumen, chemicals and part of its lubricants businesses in Australia. In more than half a century, the company has never suffered an annual loss. 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 has also bought filling station assets in Europe under the Varo brand. 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. 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. Vitol is a Dutch energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger. “He was an iconic figure and a man not afraid to go where others wouldn’t, following a long British tradition,” said Jorge Montepeque, a veteran oil market executive. 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. 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. 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. 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. From May to August 2006 the trust, which contains an investment fund known as Handoxx, took in nearly US$600 million from three companies, none of which officially belongs to Timur Kulibayev. Amid Vitol’s soaring growth and profits, Taylor remained at the front line of the firm’s day to day operations. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Updates with quotes from Glencore and Trafigura CEOs as well as profit chart. 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. In 2013 Vitol invested in its first power plant, VPI Immingham in the UK. In May 2010, Vitol sold half of VTTI to MISC Berhad, of Malaysia. [19][20], In total, Vitol has around 16 million cubic meters of storage capacity across the globe. For over 50 years we have used our networks and infrastructure to manage the flow of energy around the world, efficiently and responsibly. [38], Vitol Asia Pte Ltd operates as an energy and commodities company. 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. [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. He was 64. 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, through its wholly owned subsidiaries Arawak Energy Limited and Vitol E&P, has interests in various exploration and production projects worldwide. 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. Louis Vuitton Malletier, commonly known as Louis Vuitton (French pronunciation: [lwi vɥitɔ̃]) or shortened to LV, is a French fashion house and luxury goods company founded in 1854 by Louis Vuitton. Trafigura Group Pte. [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. Vitol partners with, funds or owns mines in the United States, Indonesia, Canada, South Africa and Russia. 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. The major ones being the Slobodan Miloševi? Vitol pleaded guilty in the Supreme Court of the State of New York. He will be missed.” Glasenberg, said. [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. He combined energy and a determination to succeed with humility, humor and humanity,” Hardy said in the statement. “You need to have relationships,” Taylor told Bloomberg News in 2016. Since then, Vitol has sought out partners, including an Abu Dhabi sovereign wealth fund, when buying assets. 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. As a pro-European, he was firmly on the remain side of the Brexit debate. Vitol was founded by Henk Viëtor and Jacques Detiger in 1966. This article needs additional citations for verification. He started at Shell in 1978, where he learned oil trading through stints in Singapore and Caracas. Viva supplies circa 30% of South Australia’s fuel needs, through both imports and products refined at the Geelong refinery, Victoria which it owns. It is legally registered and headquartered in Singapore. Founded in 2004, Mercuria has become a global energy and commodities trading company. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). Vitol claims to have “become one of the world’s top 5 coal 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. Vito Grimaldiwas a powerful Bonanno soldier who owns Grimaldi Bakery in Queens. Vitol is an energy and commodities company. [auto-x-post - OP was Rick_Rubin] In early 2019, the DOJ opened its own probe into the three company's dealings in Brazil. 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. 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. Please help improve this article by adding citations to reliable sources.Unsourced material may be challenged and removed. Vitol Aviation is focused on Europe, North America and Africa, serving the world’s largest airlines and military customers with 5.7 million tonnes of jet fuel a year into wing. [10] In March 2015, the Financial Times suggested that Vitol appeared to make a $1.2 billion dividend distribution. Today it co-owns five refineries with a … Vitol, run out of London, is the world's largest independent oil trader, trading some 8 million barrels of oil a day. In the midst of Libya’s civil war, Taylor and another top executive, Chris Bake, flew into Benghazi in 2011 to personally negotiate a deal to supply fuel to rebels fighting against the 42-year dictatorship of Colonel Moammar Qaddafi. Groups with which it trades carbon credits and owns carbon credit aggregator CRM offers. Owns Ingma with Vitol of energy around the world billion dividend distribution moved on after her split year. Over 300B per year $ 1.5 billion in 2017, the company refining. 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