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.
The August announcement stated that Vitol had agreed to acquire Noble Resources Trading Limited for an purchase price equivalent to $0.63 per share on a debt free / cash free basis subject to customary conditions precedent.
Vitol Group and Glencore Plc. are considering acquiring New Fortress Energy Inc.’s Jamaican LNG assets, according to people familiar with the matter.
Vitol is eyeing the metals market with global petroleum demand expected to peak in a decade, signaled Russell Hardy, CEO of Vitol, the world’s largest independent energy trader.
Indian refiners are expecting tankers of Venezuelan crude from Vitol, media reported on Tuesday, after Indian Oil Corp (IOC) and Mangalore Refinery and Petrochemicals (MRPL) purchased 2 million barrels of Venezuelan crude for November delivery. This is part of a broader trend, as India continues to increase imports from Venezuela after the U.S. Treasury allowed transactions under specific conditions despite ongoing sanctions targeting President Nicolas Maduro’s regime.
Giant trading houses and trading desks of integrated oil majors have taken advantage of the extreme volatility in oil and energy prices to make a killing in the markets.
Last month, Singapore-based oil and commodities trading powerhouse Trafigura Group posted the smallest profit since 2020 after oil price volatility dropped to multi-year lows.
Europe’s oil majors are feeling the heat, too, with both BP and Shell Plc warning of impending profit declines at their trading divisions.
Global energy companies including Vitol, Africa Oil Corp. and ERHC Energy Inc. will showcase Africa’s premier energy sector opportunities at the Invest in African Energy reception in London this week, organized by the African Energy Chamber (AEC) (https://EnergyChamber.org). The reception serves to catalyze investor interest in Africa’s energy prospects ahead of the African Energy Week: Invest in African Energy conference in Cape Town this November, showcasing the potential of the African energy market and exploring strategies to unlock its full potential.
Energy and commodities company Vitol will participate at the Angola Oil&Gas (AOG) 2024 conference (https://apo-opa.co/4b9OwCw) – scheduled for October 2-3 in Luanda – as a silver sponsor. The sponsorship demonstrates the company’s dedication to fueling the expansion of the Angolan oil and gas market by leveraging its extensive expertise and services.