Vitol reports drop in turnover

ROTTERDAM, March 24, 2017 – While it shipped greater volumes of crude and products last year, Dutch multinational Vitol reported a 9.5% drop in turnover on Friday, posting USD 152 billion for 2016.

The commodity trader was able to increase the traded volume of crude and products by 16% to 2.59 billion barrels in 2016. Crude shipments took the lion’s share of that amount. Some 3.4 million barrels of the 7 million barrels traded per day last year were oil.

In a press release on Friday, Vitol said it was looking forward to developing the Sankofa and Gye Nyame fields through Eni Ghana E&P, a joint venture vehicle also comprising Eni and Ghana National Petroleum Corporation.

It also highlighted the benefits of increased US shale gas production.

“The growth in supply of LPG, both associated and non-associated, from US shale, is engendering new opportunities. Our 2016 volumes increased by 131% and, longer term, we anticipate that the ample supply of LPG will facilitate the switch away from solid fuels for cooking in economies across Africa and Asia,” Vitol wrote.

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