The Vitol Group today published its latest Group report, providing details of performance in 2009.
Group total traded volumes in 2009 were around 316 million metric tonnes (mt’s) as compared with 291 million mt’s in 2008.
Total revenues for 2009 are estimated at $143 bn, as compared with $191bn in 2008. Despite higher volumes in 2009, average oil prices were significantly lower in 2009 ($62 /bbl, dated Brent) than in 2008 ($ 97/bbl)
In addition to growth in the core trading businesses, there was also growth in both the tank terminal business, Vitol Tank Terminals International (VTTI) and the exploration and production business.
In the terminal business, in addition to acquisitions in Antwerp, Belgium and Mombasa, Kenya, a joint venture agreement was signed with MISC Berhad for the construction of a new storage terminal in Tanjung Bin, Malaysia, in 2012. In the US, Blueknight Energy partners LP was formed, following the acquisition of SEM Group Energy partners G.P LLC, with significant midstream assets, including storage facilities in Cushing, Oklahoma.
In the upstream business, Rosco, a subsidiary of the Vitol Group, acquired full ownership of Arawak, an exploration and production (E&P) company with assets in the former CIS. In addition, Vitol E&P Limited announced that it had entered into a farm-in agreement with Bowleven in respect of the Etinde Permit, in Cameroon, while Vitol Upstream Ghana Limited drilled a successful deepwater exploration well and farmed down part of its interests in two Ghana licences to ENI.
Ian Taylor, Chief Executive of the Vitol Group, commenting on 2009 performance, said:
“2009 was a good year for the Vitol Group. Core trading volumes were strong. Our terminal business completed significant acquisitions to secure mid-stream capacity in Europe, East Africa and the US, which will contribute to our ability to trade physical products. In the upstream business, we have further developed our potential inventory of reserves.
Looking ahead, Vitol expects trading conditions to be even more competitive in 2010, with energy prices trading in a narrower range. The global economic outlook and the dynamics of future oil demand remain uncertain. However we will continue to look for quality opportunities to grow all aspects of our business.”