Vitol in long term Nigeria crude purchase agreement with Sterling Global Oil Resources
The Vitol Group confirms that it has entered into a pre payment and long term purchase agreement with Sterling Oil Trading and Sterling Oil Exploration, part of Sterling Global Oil Resources, for their new Nigerian Okwuibome crude oil production. This is currently estimated at 10,000 barrels per day and expected to grow to 25,000 barrels per day by the end of 2012. The company has a license to explore and produce crude oil from four onshore blocks with a total acreage of almost 2,000 sq km in Nigeria.
About Sterling Global Oil Resources.
Sterling Global Oil Resources is part of the Sandesara Group. The Sandesara group is a diversified group with varied interests in high growth industries. With an estimated Group valuation of around US$ 6.9 billion, it has over 25 years of industrial experience. Their business interests include Pharmaceuticals, Healthcare, Oil & Gas, Engineering, Infrastructure, Onshore rigs, Seismic studies and Oil trading.
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 energy markets and is now one of the world’s largest independent energy traders. Its trading portfolio includes crude oil, oil products, LNG, natural gas, coal, power, 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 5.5 million barrels of crude oil and products per day and revenues in 2010 were $195 billion.
In addition to its trading business, and its 50% share in the storage and terminals business, VTTI, with 11 terminals on five continents, Vitol has an exploration and production business which includes interests in Ghana, Cameroon, Philippines, Kazakhstan, Russia and Azerbaijan. It also currently owns and operates over 100kbd in refining assets and a thermal coal mine in British Columbia, Canada.
Further details on Vitol are available on www.vitol.com