The article stated that as Vitol is based in Switzerland, which did not implement Western sanctions, Vitol had skirted the charges. For over 50 years we have used our networks and infrastructure to manage the flow of energy around the world, efficiently and responsibly. It earned $1.5 billion in 2017, the last full-year Taylor served as CEO. He started at Shell in 1978, where he learned oil trading through stints in Singapore and Caracas. The money came from the Geneva branch of BNP Paribas where Oilex has its bank accounts – as can be seen in a document from the … [8][9][1][2][10] Though physical trading, logistics and distribution are at the core of the business, In February 2014, it was reported that Vitol, in concert with the Abu Dhabi Investment Council, had bought the downstream businesses of Shell Australia (excluding aviation) for a total of approximately AU$2.9 billion. [10] In March 2015, the Financial Times suggested that Vitol appeared to make a $1.2 billion dividend distribution. One of the com­pa­nies is Oilex NV, the com­pa­ny that joint­ly owns Ingma with Vitol. “He challenged all of us to be the best we could be. 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. From May to August 2006 the trust, which contains an investment fund known as Handoxx, took in nearly US$600 million from three companies, none of which officially belongs to Timur Kulibayev. Vitol claims to have “become one of the world’s top 5 coal traders.” With locations across North Western Europe, VARO has been growing its downstream business since 2012 by finding new solutions that challenge industry standards in today’s energy sector. VTTI has 13 terminals on five continents with around 8.5 million cubic metres of capacity. Vitol’s culture originated over 50 years ago with our founders and their combination of entrepreneurship, determination to succeed, integrity, hard work and humility. Vitol Aviation is focused on Europe, North America and Africa, serving the world’s largest airlines and military customers with 5.7 million tonnes of jet fuel a year into wing. In the midst of Libya’s civil war, Taylor and another top executive, Chris Bake, flew into Benghazi in 2011 to personally negotiate a deal to supply fuel to rebels fighting against the 42-year dictatorship of Colonel Moammar Qaddafi. Vitol would be paid in crude oil. [40], "Meet The Mysterious Trading Firms Who Control The Price Of Commodities", "Commodity Traders: The trillion dollar club", "Top ten global oil and commodities traders", "Top Trader Vitol Has New CEO as Taylor Becomes Chairman", "Swiss-Dutch Vitol to receive LNG from Gazprom from 2018", "The unseen hand that moves the world's oil", "Vitol Said to Post Highest Profit Since 2011 as Oil Prices Swing", "Corrected: Commodity Traders: The trillion dollar club", "Oil trader Vitol's profits rebound to $1.35bn", "Vitol: Tough work but staff stay loyal due to huge bonuses", "Two commodity trading houses where average pay is £750k+", "Vitol, RNK Capital Complete Inaugural Trade on The Green Exchange", "Vitol buys stake in Grindrod's coal terminal", "UAE's Fujairah sells refinery stake to Vitol", "Vitol to retain jobs at Geelong refinery after buying Shell's assets", "Gov't signs $7billion oil and gas agreement to produce 1100 megawatts power", "Controversial background of No campaign donor", "Swiss Commodities Business May Be Revamped", "US refiner Tesoro buys cargo of Libyan rebel oil", "Exclusive: Vitol trades Iranian fuel oil, skirting sanctions", "Oil trader Vitol in talks over tax-avoidance bill", "The Dispute Settlement and Sanctions Committee (CoRDiS) imposes a penalty for market manipulations on the wholesale energy market", "Research Guides: Commodities: Commodity trading firms", "Vitol Asia Pte Ltd - Company Profile and News", https://en.wikipedia.org/w/index.php?title=Vitol&oldid=995687214, Creative Commons Attribution-ShareAlike License, Oil: 351 million tonnes of crude oil and product sales, Natural Gas: over 20 billion cubic meters of physical gas globally, Gasoline: 1 million barrels of physical gasoline traded per day, Carbon: 49 mm tonnes of contracted carbon volume, Chemicals: 4 million tonnes (Benzene and Paraxylene), This page was last edited on 22 December 2020, at 10:09. 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