Vitol expects global oil demand to peak around the middle of the 2030s, due to forecasts of slower uptake of electric vehicles, the world’s biggest independent oil trader said in an updated oil outlook on Monday.
Trading house Trafigura sold a cargo of Venezuelan oil to a Spanish refiner, while rival Vitol prepared to export Venezuelan fuel oil as shipments accelerate from the OPEC nation under a U.S.-backed $2 billion oil supply deal following the capture of President Nicolas Maduro, oil industry sources said on Thursday.
Azerbaijani President Ilham Aliyev met Russell Hardy, Chief Executive Officer of Vitol, on January 21 on the sidelines of the World Economic Forum in Davos, with discussions focusing on energy cooperation and supplies to Europe.
Eni has finalized the sale of a 30% interest in Côte d’Ivoire’s Baleine offshore project to Vitol, reshaping the partnership structure of the country’s flagship oil and gas development. Following the deal, Eni retains a 47.25% stake as operator, Vitol holds 30%, and state-owned Petroci controls 22.75%.
Eni has completed the sale of a 30% stake in the Baleine project in Côte d’Ivoire to global commodity trader Vitol, the companies announced on Thursday.
Global oil trading firm Vitol and US fuel distributor Sunoco have taken delivery of the first petrol cargo imported into the US from Nigeria’s Dangote refinery, Reuters reported on Monday, citing sources familiar with the matter. Vitol is said to have purchased the 320,000-barrel cargo from Geneva-based Mocoh Oil and sold most of it to […]
State-owned GAIL (India) Limited has signed a long-term liquefied natural gas (LNG) sales and purchase agreement with Vitol Asia Pte. Ltd. GAIL said in a media release that the deal for the supply of approximately 1 million tonnes per annum of LNG for 10 years resulted from a binding Term Sheet signed in January 2024.
In contrast to Vitol, which trades with Venezuela and doesn’t operate any assets there, those other companies produce oil and gas in the country and are winding down operations ahead of the expiry of licenses issued by the US Treasury. The deadline for all the companies, including Vitol, to cease operating is May 27.
Vitol will acquire interests in certain assets owned by Eni, including including the Baleine project in Cote d’Ivoire and Congo LNG project in the Republic of Congo, for $1.65 billion.
“This transaction is in line with Eni’s strategy aimed at optimizing upstream activities, through a rebalancing of the portfolio that provides for the early valorization of exploration discoveries through a reduction of participations in them (the so-called dual exploration model)”, Italy’s state-backed Eni said in an online statement Wednesday.