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Vitol 2013 Results

Financial and trading highlights

• Revenues of $307bn (2012:$303)*
• Total traded volumes of crude and oil products of 276mt (2012: 261mt)
• 6,065 ship journeys (2012: 5,495)
• Natural gas contracted sales of 1,297TWh (2012: 1,430TWh)
• Power contracted sales of 94TWh (2012: 178TWh)
• Coal contracted sales of 51mt (2012: 25.2)

Business highlights

• Acquisition of VPI Immingham, a modern gas fired CHP power plant in Immingham, UK, with a capacity of 1240 MW (equivalent to 2.5% of UK peak demand)
• Restructuring of the Varo Energy investment, with a view to establishing Varo Energy as a major midstream group in north-west Europe, including a significant expansion of its refining capabilities
• Proposed acquisition of the majority of Shell’s downstream business in Australia post year-end
• Additional appraisal on our E&P project in Ghana

Ian Taylor, President & CEO said:
“2013 was a very challenging year for many in the physical energy distribution business. Markets remained extremely competitive with new entrants increasing margin pressure on certain regional activity. While these market conditions aren’t expected to change overnight, changing supply and demand balances are generating some new opportunities.

“The withdrawal of some investment banks from commodity related actives has reduced liquidity in markets such as power, but created longer term opportunities and our footprint in both the US and Europe is growing.

“Globally, we are using expertise from across the Group to develop complete and integrated solutions, from financing through to build and supply for our clients. One such example is in the U.S. Virgin Islands, where we are working with the Water and Power Authority to deliver an end-to-end LPG solution that will reduce their power costs by an estimated 30%.

“At the same time, we continue to see investment opportunities in the mid and downstream as the majors focus their activities upstream. Our investment in Vivo, which operates the Shell branded business across 15 countries in Africa, continues to perform well and we are excited by the prospect of Shell Australia, which we hope to complete later this year.

“Finally, I would like to thank our clients and partners for their continued support. We look forward to working with them in the coming year and beyond.”

 

For More Information

Vitol

Elizabeth Adams, Brunswick (UK)
+44 207 396 5331
vitol@brunswickgroup.com

Andrea Schlaepfer, Vitol
+44 207 973 4230

Fabian Gmeuder, Vitol
+44 20 7312 4478

Notes to editors

*Average oil price of $108.65 in 2013 vs $111.26 in 2012 (dated Brent)

About Vitol
The Vitol Group was founded in 1966 in Rotterdam, the Netherlands. Since then the company has grown significantly to become a major participant in world commodity markets and is now the world’s largest independent energy trader. Its trading portfolio includes crude oil, oil products, LPG, LNG, natural gas, coal, electricity, agricultural products, metals and carbon emissions. Vitol trades with all the major national oil companies, the integrated oil majors and the independent refiners and traders. Globally Vitol trades over 5 million barrels of crude oil and oil products per day and revenues in 2013 were $307 billion.

For more information: www.vitol.com

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