Vitol

2023: LNG trade growth of 24%

Vitol Group's LNG trading volumes rose 24% in 2023, the latest evidence of expanding deals amid rising demand for the fuel.

2022

Exit from the Russian project "East Oil"

In July 2022, it became known that the oil trader Vitol S.A. is implementing a plan to exit the Russian Vostok Oil project. Vostok Oil is implementing one of Rosneft's largest projects in the north of the Krasnoyarsk Territory.

"Vitol has reached an agreement to sell its shares and is in the process of settling the legal formalities required to close this transaction," it said.

In December 2022, European trader Vitol withdrew from Vostok Oil capital.

Plan to stop trading oil from Russia before the end of the year

Against the backdrop of Russia's special operation in Ukraine on April 12, 2022, Vitol Group, the world's largest independent oil trader, announced that it intends to completely stop trading in oil and oil products of Russian origin by the end of this year.

2021: Start of electric vehicle fleet business

In September 2021, it became known that Vitol Group, the world's largest independent oil trader, is included in the business of creating a fleet of electric vehicles.

The trading house, located in, Rotterdam has created a $250 million joint venture dollars with BYD Co., a Chinese manufacturer of electric vehicles and batteries.

The new project will offer services to build an electric vehicle fleet and charging infrastructure for cities, companies and other organizations.

2017: Oil production starts in Ghana

In May 2017, it became known that oil production, from the Vitol floating facility off the coast of Ghana (West Africa), began three months ahead of schedule.

Vitol and the Italian energy company Eni are working together with the National Oil Corporation of Ghana to extract oil and gas from the Sankofa Reservoir on the coast of Ghana. The reservoir's reserves are estimated at 1.5 trillion cubic feet of natural gas and 500 million barrels of oil. Storage and unloading is carried out using a floating storage.

Vitol said production should reach 45,000 barrels of oil in August 2017.

Building on natural gas assets located on the coast, Vitol said the project will support Ghana's heat and power sector for the next 20 years.

A report prepared by Moody's Investors Service in mid-2016 found that the potential for increased oil and gas production in Ghana could spur economic recovery during a period of rising debt.

Vitol said that its floating facility represents the largest direct foreign investment in Ghana's history since independence was declared in 1957 - about $8 billion^[1].

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