Vitol has completed its acquisition of the outstanding 50% of VALT, its bitumen joint venture, from Sargeant Marine.
The business is now owned 100% by Vitol and has been fully integrated into Vitol’s core trading operations. It is led by Nick Fay, head of asphalt at Vitol and, from today, will trade solely under the Vitol name.
The acquisition has enabled Vitol to become a leader in the trading, storage and marine transportation of asphalt products around the world, with a dedicated fleet of nine specialised vessels. Volumes are circa 1.4 million metric tons of asphalt per annum, managed from hubs in Asia, Europe and the US.
Notes to editors
Some of the specialist bitumen vessels will continue to be chartered via VALT Chartering Sarl, the vessels and the chartering company are 100% owned by Vitol.
Vitol is an energy and commodities company; its primary business is the trading and distribution of energy products globally – it trades 7.4 million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes.
Vitol’s clients include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. Founded in Rotterdam in 1966, today Vitol serves clients from some 40 offices worldwide and is invested in energy assets globally including: circa 16mm3 of storage globally, 480kbpd of refining capacity and 6,500 service stations across Africa, Australia, Brazil, Eurasia and in Northwest Europe. Revenues in 2018 were $231 billion.