“We did a settlement to protect our own staff,” Taylor said, suggesting that without the deal, U.S. prosecutors could have charged individual traders. Our history. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). [34], In September 2012, an article in Reuters alleged that the company had bought and sold Iranian fuel oil, bypassing an EU embargo against Tehran. Vitol’s culture originated over 50 years ago with our founders and their combination of entrepreneurship, determination to succeed, integrity, hard work and humility. An Oxford-educated Briton with Scottish family roots, Taylor joined Vitol from Royal Dutch Shell Plc in 1985 and took over as chief executive officer a decade later. Along with Glencore Plc’s CEO Ivan Glasenberg and Trafigura’s late co-founder and former chairman and CEO Claude Dauphin, Taylor is widely regarded as a pioneer of global commodities trading. Success brought rewards for Taylor and Vitol’s other employees, who are also the firm’s shareholders. Vitol Investment Partnership 11, which leads a consortium buying the assets has 50 percent stake, while each of Africa Oil and Delonex Energy has 25 percent. [26] The business trades as Viva Energy Australia, although the Shell brand remains on many of its retail products. * Vitol Tank Terminals International owns more than 5 million cubic metres of storage throughout the world and plans to increase this to more than 8 million cubic metres by 2012. these are complemented by refining, shipping, terminals, exploration and production, power generation, and Mixing an easy charm with a relentless business mind, Taylor struck lucrative deals with governments, national oil companies, refiners and producers to transform Vitol into a global player. The CFTC’s order also included allegations that Vitol attempted to manipulate S&P Global Platts physical oil benchmarks in August 2014 and July 2015 for its own profit. Anybody know who owns Vitol? Energy trader Vitol has agreed to buy four combined cycle gas turbines (CCGTs) in Britain from Drax Smart Generation, the firm said on Tuesday, pushing its total CCGT capacity to 3.3 gigawatts. [16][17][18], In addition to the global crude and product trading businesses, the company trades coal, natural gas, power, ethanol, methanol, gasoline, LNG, LPG, naphtha, bitumen, base oils and carbon emissions. Vitol is a trading firm, not a power generator, so they got the supply by calling other traders and asking to buy some power. The contract is expected to help meet Ghana's burgeoning energy needs.[28]. [27], Further in January 2015, Vitol in collaboration with Eni signed a $7 billion agreement with the government, for the production of oil and gas at Cape Three Points in Western Region of Ghana. To find out who owns a particular domain name, all you have to do is type it into the box above. Vitol has been involved in several controversies. The company's CEO is Hui Meng Kho. The article stated that as Vitol is based in Switzerland, which did not implement Western sanctions, Vitol had skirted the charges. Oilex paid over US$100 million into the trust in two tranches. Vitol bought 2 million barrels using a ship-to-ship transfer off the coast of Malaysia from a National Iranian Tanker Company vessel and sold it to Chinese traders. A 2001 article in the Observer stated that in 1995 Vitol had secretly paid US$1 million to Serbian war criminal Arkan to settle a deal with a Serbian Oil company, Orion. Brexit Deal Offers Scant Solace to City of London Under Thre... Former CEO died from pneumonia after long battle with illness, Vitol soared under Taylor to become biggest oil trader. Trafigura Group Pte. [10] In March 2015, the Financial Times suggested that Vitol appeared to make a $1.2 billion dividend distribution. The company was founded in 1974 as Marc Rich & Co. AG by commodity traders Marc Rich and Pincus Green. Ltd. is a Singaporean multinational commodity trading company founded in 1993 that trades in base metals and energy. It is the world's second largest private oil trader after Vitol and the world's largest private metals trader. As CEO, Taylor suffered the most damaging hit to his reputation in 2007 after allegations Vitol paid about $13 million in “surcharges” to the regime of Saddam Hussein to secure oil shipments. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). By. Vitol owns a power plant in the U.K. and launched a 200 million euro ($237 million) fund in 2018 to invest in wind farms. In 2013 Vitol invested in its first power plant, VPI Immingham in the UK. Vitol, through its wholly owned subsidiaries Arawak Energy Limited and Vitol E&P, has interests in various exploration and production projects worldwide. Argos and Varo Energy will be integrated into one enlarged Varo Energy Group. Ltd. is a Singaporean multinational commodity trading company founded in 1993 that trades in base metals and energy. ... they are not sure who owns them. Vitol likes to keep things moving. [13] The company ships more than 350 million tonnes of crude oil per year and controls 250 supertankers and other vessels to move it around the world. Vitol has 40 offices worldwide and its largest operations are in Geneva, Houston, London, and Singapore. Vitol, run out of London, is the world's largest independent oil trader, trading some 8 million barrels of oil a day. He started at Shell in 1978, where he learned oil trading through stints in Singapore and Caracas. "These assets, which both enable VPI to provide essential services to the grid across England and are developing their own carbon abatement programmes, will contribute to achieving Net Zero," David Brignall, VPI manager, said. “Ian was an exceptional man. Vitol has also bought filling station assets in Europe under the Varo brand. Vitol pleaded guilty in the Supreme Court of the State of New York. Despite the occasional brush with scandal, Vitol grew at a rate few in Silicon Valley could match under his watch, increasing net income from $22.9 million in 1995 to a record $2.28 billion in 2009. Oilex paid over US$100 million into the trust in two tranches. Glencore plc is an Anglo-Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland, its oil and gas head office in London and its registered office in Saint Helier, Jersey.The current company was created through a merger of Glencore with Xstrata on 2 May 2013. 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