Statement from Russell Hardy, CEO, Vitol

This is the second time we have announced our annual volumes shortly after the outbreak of conflict. The suffering and loss of life in conflict is always tragic and our thoughts are with our colleagues and the many people throughout the Middle East who are working in extremely difficult and dangerous conditions to try and enable the flow of energy to global markets.

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Vitol 2025 volumes and review

  • Turnover of $343 billion (2024: $331bn)
  • 605 million tonnes of oil equivalent (mTOE) of energy delivered (2024: 540mTOE)
  • 8 million barrels per day (mbpd) of crude oil and products (2024: 7.2mbpd)
  • 1.2mbpd of refining capacity
  • 10,000+ service stations
  • 8 gigawatts (GW) generation (operational and under construction)
  • $13+bn in long-term assets

2026 is Vitol’s 60th anniversary. We have entered it well-placed to deal with the market volatility and dislocations that are an inevitable consequence of the events in the Middle East.

Our prudent approach to financial management has stood us in good stead over the last six decades and enabled us to pursue the established strategy of building a portfolio of long-term assets complementary to our trading business. Today this portfolio stands at $13+bn and underpins our primary business of moving energy and commodities around the world, safely and efficiently.

Overall volumes of energy delivered in 2025 rose to 605mTOE (2024: 537mTOE). Crude oil and products remain the core of the business and in 2025 we delivered an average of 8mbpd (2024:7.2mbpd). Our expanding asset base has supported this growth in volumes. We are invested in a broad portfolio of assets which include: 93kboepd of production, 1.2mbpd of refining capacity, over 10,000 service stations and other energy infrastructure worldwide.

All our traditional energy assets are being challenged to develop sustainable strategies for the future. In addition to biofuels production and trading in the Americas and Europe and co-processing with biowaste for bunkers in our Fujairah and Malaysian refineries, we have invested in the pyrolysis recycling of plastic waste. Following our acquisition of Danish plastics recycling company WPU in late 2024, we are looking to expand its capabilities and integrate supply with our highly efficient Rotterdam-located refinery VPR.

LNG volumes grew to 23 million metric tons (2024: 18mMT). During 2025 we expanded our long-term partnerships in this sector with both utilities and national oil and gas companies in the Americas, Asia and the Middle East. Our LNG business benefits from integration with our gas trading network and across the company our volume of natural gas delivered increased by 15%.

Biogas and bioLNG continues to be an area of potential for the transport sectors which are hard to electrify, such as shipping and heavy commercial vehicles. In both the Americas and Europe we are investing in the capture of waste gas, for injection into the grid or directly for use in transport.

The demand for power will continue to grow. Increasingly, we are working with utilities and corporates to optimise their sourcing of power, building bespoke supply profiles to ensure reliability and to meet renewable energy targets.

The total generation capacity (operational and under construction) in which we are invested, including through joint-ventures, currently stands at 8GW; circa 4GW of thermal and 4GW of renewable. Thermal generation assets are predominantly held through VPI, a power company with must-run and flexible generation in the UK and Ireland, as well as a growing battery portfolio in Europe. We continuously seek to optimise our renewables portfolio and divest and reinvest to maximise the value we add to assets through their lifecycle.

2025 was the first year since our acquisition of Noble Resources, an Asian-focused natural resources business. In 2025 the consolidated coal operation delivered 25.8mMT of thermal coal.

The metcoke business has been combined with Vitol’s ferrous business, enabling us to offer integrated energy and raw material solutions to miners and mills.

Our other metals businesses continue to grow, offering comprehensive solutions, such as energy alongside raw materials and financing, to a growing network of customers.

Vitol’s management continues to evolve and Jeff Dellapina, Group CFO, will retire shortly after 16 years in the role and 21 years with the company. Jay Ng, CFO of Vitol Asia and a colleague of 18 years, will succeed Jeff as Group CFO. Due to the growth of the business, the executive committee has been expanded to include Jonathan Marsh, chief legal officer and Matt Stacey, global head of distillates.

Throughout our 60 years, it is our colleagues’ dedication, hard work and determination to find solutions that, time and again, have enabled the company to manage disruptive market circumstances. I am fortunate that my Vitol colleagues today are as dedicated and determined as the first generation of the 1960s. It remains only for me to thank our many partners and customers around world for their continued support upon which our business depends.