“We did a settlement to protect our own staff,” Taylor said, suggesting that without the deal, U.S. prosecutors could have charged individual traders. Varo, which is jointly controlled by Vitol and private equity company Carlyle Group, owns two refineries in north-west Europe as well as 144 fuel distribution facilities and 232 retail outlets. Oilex paid over US$100 mil­lion into the trust in two tranch­es. She's dating New York City chef Emilio Vitolo, 33, and they've been spotted on several public date nights in the city. Vitol enjoyed its golden years under Ian Taylor as CEO, with annual net profit surging at times to more than $2 billion between 2000 and 2017, Bloomberg News based on corporate filings. [35], In 2013, The Telegraph alleged that the company had been using for over a decade an Employee Benefit Trust, avoiding paying income tax for its UK staff. Nestlé Health Science (NHSc), a global leader in the field of nutritional science, has agreed to acquire a majority stake in Vital Proteins, America’s top-selling collagen brand. About us overview; Operating globally; Our people, our culture; Video library; Corporate disclosures; Corporate marketing ; Vitol Foundation; What we do. 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. [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. Katie Holmes appears to have moved on after her split last year from Jamie Foxx. He started at Shell in 1978, where he learned oil trading through stints in Singapore and Caracas. The head of Trafigura Group, Jeremy Weir, said Taylor was a formidable figure in the modern commodities trading industry, and central to the establishment of Vitol as a success. In addition to offices in Dubai and Bahrain, Vitol's key strategic asset in the Middle East is the Fujairah Refinery Company Limited (FRCL), which operates an 82,000 barrel per day refinery and a 1,034,000 cubic meter tank farm. Amid Vitol’s soaring growth and profits, Taylor remained at the front line of the firm’s day to day operations. Today it co-owns five refineries with a … * 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. In 2013 Vitol invested in its first power plant, VPI Immingham in the UK. Vitol is invested in Australia’s growing downstream sector through Viva Energy, which was formed following the acquisition of Shell’s downstream business in Australia. One of the com­pa­nies is Oilex NV, the com­pa­ny that joint­ly owns Ingma with Vitol. Argos’ existing operations will continue to trade under the Argos … Vitol has agreed to pay a US$135mn criminal fine for the bribery charges, US$45mn of which will be credited to Brazilian authorities, with the payment resolving a parallel investigation being run by the South American country into Vitol. Ltd. is a Singaporean multinational commodity trading company founded in 1993 that trades in base metals and energy. One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. For over 50 years we have used our networks and infrastructure to manage the flow of energy around the world, efficiently and responsibly. Founded by Vitol in 2006, VTTI has a network of strategically placed terminals and associated assets in 14 countries. It’s also backed solar-power fields and is building a carbon capture, storage and hydrogen facility near its power plant operations in Britain. [21], Vitol is the sole owner of VTTI B.V., a storage and terminals business with a capacity of around 8.7 million cubic meters (MCM) in 11 countries: Netherlands (1.328 MCM + 1.118 MCM), Latvia (1.195 MCM), UAE (1.180 MCM), Belgium (0.965 MCM), Malaysia (0.893 MCM), Cyprus (0.544 MCM), USA (0.452 MCM), Argentina (0.218 MCM), Kenya (0.111 MCM), Russia (0.049 MCM), Nigeria (0.016 MCM). In 2014, Vitol traded over 30 million tonnes of coal, corresponding to a marketshare of 2.6% of internationally traded coal. 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 … It trades 8 million barrels per day of crude oil and products and, at any time, has 250 ships transporting its cargoes. He will be missed.” Glasenberg, said. Updates with quotes from Glencore and Trafigura CEOs as well as profit chart. We owe him a great deal.”. As of 2015, it ranked tenth in the Fortune Global 500 list of the world's largest companies. [25] Vitol also has invested in refining assets in Bayernoil (Germany), Cressier (Switzerland), Antwerp (Belgium) and the Geelong refinery near Melbourne (Australia). Following the transaction, VTTI will be owned 10% by ADNOC, 45% by IFM Global Infrastructure Fund (IFM GIF), an investment vehicle managed by IFM Investors, and 45% by Vitol (both directly and through Vitol Investment Partnership II Ltd, an investment vehicle sponsored and managed by Vitol). 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. The company was founded in 1974 as Marc Rich & Co. AG by commodity traders Marc Rich and Pincus Green. “It is with great sadness that Vitol today announces the death of its Chairman and former CEO, Ian Taylor, from pneumonia, following a long battle with illness,” the company said in a statement. 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. Have a confidential tip for our reporters? [auto-x-post - OP was Rick_Rubin] [ID:nLDE66K1HF] 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. “Ian was one of the last of the pioneers that helped transform the oil trading industry. Oil trader Vitol [VITOLV.UL] has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil's Petrobras , its former partner said on Friday. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). [12] Because Vitol does not publish its profits widely, much like most of its competitors in commodity trading, it is largely excluded from rankings. Argos and Varo Energy will be integrated into one enlarged Varo Energy Group. “He challenged all of us to be the best we could be. Please help improve this article by adding citations to reliable sources.Unsourced material may be challenged and removed. [23], In January 2012 Vitol acquired a stake in a subsidiary of the South African shipping firm Grindrod, which gives it access to a coal terminal in Mozambique.[24]. An investigation led by Paul Volcker, the former U.S. Federal Reserve chairman, exposed a world of illicit payments, secret bank accounts, and diplomats for hire. This article needs additional citations for verification. From today, Varo Energy’s shareholders include private investment company Reggeborgh; Carlyle International Energy Partners, an advisory fund of the global alternative asset manager The Carlyle Group; and international energy and commodities company Vitol. 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 … About us . Vitol is an energy and commodities company. Its the 8 largest company in the world with revenues of over 300B per year. The company is privately held by about 350 employee-shareholders who enjoy hearty dividends ($820m in 2015). It is the world's second largest private oil trader after Vitol and the world's largest private metals trader. Before it's here, it's on the Bloomberg Terminal. 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. To find out who owns a particular domain name, all you have to do is type it into the box above. 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. [8][9][1][2][10] Though physical trading, logistics and distribution are at the core of the business, Today, operations range from trading floors in London, Singapore and Houston, through storage tanks in the Netherlands and the United Arab Emirates, to filling stations in Australia. Vitol, the privately owned company that has grown under chief executive Ian Taylor into a 6m barrel a day oil trader, ... a Turkish company that owns more than 1,700 filling stations. Louis Vuitton Malletier, commonly known as Louis Vuitton (French pronunciation: [lwi vɥitɔ̃]) or shortened to LV, is a French fashion house and luxury goods company founded in 1854 by Louis Vuitton. Anybody know who owns Vitol? It earned $1.5 billion in 2017, the last full-year Taylor served as CEO. Javier Blas. For Varo Energy, please contact Florence ... stores and distributes oil products for the North West European market. 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 … December 2008) (Learn how and when to remove this template message) In 2018, Vitol bought the 85,000 barrel per day Rotterdam Condensate Splitter from Koch Industries. Vitol [VITOLV.UL], the world's largest energy trader, said on Wednesday it was negotiating a deal to buy equity in Royal Dutch Shell's African downstream business. [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. His son in law is newly anointed acting underboss / street boss Joe Cammerano jr. Also Grimaldi has been listed as a major mediator in the family in the last decade or so. Vitol subsequently paid $17.5 million in restitution for its actions. Oilex paid over US$100 million into the trust in two tranches. Arawak Energy is mainly focused on the FSU where it produces oil and gas in Ukraine, Kazakhstan and Azerbaijan, while Vitol E&P holds a portfolio of exploration and development assets along the West African Transform Margin in Ghana and the Ivory Coast. Vito Grimaldiwas a powerful Bonanno soldier who owns Grimaldi Bakery in Queens. One of the com­pa­nies is Oilex NV, the com­pa­ny that joint­ly owns Ingma with Vitol. "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. The combined heat and power plant (CHP) is one of the largest of its kind in Europe, capable of generating 1,240 MW and up to 930 tonnes of steam per hour which is used by nearby refineries. [37] Vitol is appealing this decision. Navgas An LPG terminal located in Lagos and built to European standards, the Lagos terminal serves Nigeria’s growing population with cleaner fuel for domestic gas and emerging gas-to-power projects across West Africa. Ltd. is a Singaporean multinational commodity trading company founded in 1993 that trades in base metals and energy. Battling cancer, he moved to the role of chairman in 2018, when one of his longtime lieutenants Russell Hardy took over. Success brought rewards for Taylor and Vitol’s other employees, who are also the firm’s shareholders. The contract is expected to help meet Ghana's burgeoning energy needs.[28]. Beyond his role in global commodities trading, Taylor is credited with saving and rejuvenating the industry that produces the fabric tweed on the remote Scottish island of Harris. “Ian was an exceptional man. Oil Giant Vitol Handed Record $2.2 Billion Payout to Its Traders. “He was an iconic figure and a man not afraid to go where others wouldn’t, following a long British tradition,” said Jorge Montepeque, a veteran oil market executive. Oilex paid over US$100 mil­lion into the trust in two tranch­es. 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. My Mother’s Gone’: How One Family Is Coping With Loss. Viva supplies circa 30% of South Australia’s fuel needs, through both imports and products refined at the Geelong refinery, Victoria which it owns. Vitol plays a crucial role in energy markets, buying, selling, blending and transporting crude oil and fuel around the world. 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. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support 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. 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. and. On average it handles more than 7 million barrels a day of oil and products - roughly equivalent to the daily consumption of Japan - the world's third largest oil consumer after the United States and China. Vitol is the CEO of Matchett-Reddy at the time the series takes place, and the son of the company's previous CEO who bought all five major media companies. In May 2010, Vitol sold half of VTTI to MISC Berhad, of Malaysia. U.S. Stocks Drop After Hope Fades for Expanded Aid: Markets Wrap, Alibaba Probe Stirs Worry About What’s Next for Chinese Tech, Ant Turning From Windfall to Nightmare for Global Investors, Brexit Deal Is Too Little, Too Late for U.K.’s Car Industry, ‘My Daughter’s Gone. It is the world's second largest private oil trader after Vitol and the world's largest private metals trader. “You need to have relationships,” Taylor told Bloomberg News in 2016. ... they are not sure who owns them. retail businesses. Still, Vitol and Taylor kept up their end of the bargain and were eventually repaid in full. The label's LV monogram appears on most of its products, ranging from luxury trunks and leather goods to ready-to-wear, shoes, watches, jewelry, accessories, sunglasses and books. Today it co-owns five refineries with a capacity of 390,000 barrels per day. Trafigura Group Pte. He was well known in the U.K. as a philanthropist to the arts -- opera and ballet were a particular passion -- and had been a major donor to the ruling Conservative party. [36], In 2018, The Dispute Settlement and Sanctions Committee of CRE, the French Energy Regulatory Commission, fined VITOL S.A. € 5 million for engaging in market manipulation on the French Southern virtual Gas Trading Point (“PEG Sud”) between 1 June 2013 and 31 March 2014. Vitol's major assets in Fujairah Refinery Company Limited Middle East and have several refining assets around the globe in cities like Cressier and Antwerp. Treasury Market’s Inflation Gauge Nears 2%, Highest Since 20... Oil Limps Forward as Dimming Stimulus Outlook Batters Equiti... Fed Extends Main Street Program to Process Last Submitted Lo... U.K. Markets Rally in First Full Trading Day After Brexit De... U.S. 20-City Home Price Index Posts Biggest Gain Since 2014. U.S. Futures, Global Stocks Ride the Stimulus Wave: Markets... Oaktree Agrees $400 Million Vedanta Resources Debt Investmen... Philippines Seeks New $11 Billion Debt From Central Bank. “He was also widely liked and admired as a human being, and will be sorely missed by those who knew him and worked alongside him,” Weir said. The agreed Libya deal went awry within days as Qaddafi’s forces blew up a key pipeline. 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. 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. [14][15], Vitol is a private company which is owned significantly by a proportion of its employees, who are known for their culture of privacy and secrecy, from both competitors and the general public. With revenues of $231 billion in 2018,[11] it is the largest independent energy trader in the world, and would rank ninth on the Fortune Global 500 list. Oil trader Vitol has quit a consortium that was set to buy a stake in two Nigerian oil fields from Brazil's Petrobras, its former partner said on Friday. One of the companies is Oilex NV, the company that jointly owns Ingma with Vitol. [39], The company was founded in April 21st, 1990 and is headquartered in Singapore. 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. Vitol is working with other industries in the Humber industrial zone near Immingham, to cut carbon emissions. Vitol claims to have “become one of the world’s top 5 coal traders.” Since then, Vitol has sought out partners, including an Abu Dhabi sovereign wealth fund, when buying assets. Vitol partners with, funds or owns mines in the United States, Indonesia, Canada, South Africa and Russia. FRCL has further development plans in place, which include a 140,000 cubic meter expansion of the tank farm, refurbishment of existing refining units and the installation of additional processing units. But the company does provide financial information to its lenders and some energy groups with which it trades. Vitol is a trading firm, not a power generator, so they got the supply by calling other traders and asking to buy some power. Ian Taylor, the trader who helped shape the modern oil market by transforming a small Dutch fuel merchant called Vitol Group into one of the world’s biggest commodity houses, has died. But Kho says Vitol never forgets its key strength. 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. The article stated that as Vitol is based in Switzerland, which did not implement Western sanctions, Vitol had skirted the charges. Jack Farchy. [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 has also bought filling station assets in Europe under the Varo brand. The company's CEO is Hui Meng Kho. It trades carbon credits and owns carbon credit aggregator CRM. Farringford N.V., registered in Curaçao, is the ultimate legal domicile (parent company). The Internet Corporation of Assigned Names and Numbers (ICANN) requires accredited registrars like Epik.com to publish the registrant's contact information, domain creation and expiration dates and other information in the WHOIS listing as soon as a domain is registered. In 1993, a number of Marc Rich employees, led by Claude Dauphin, left to set up another trading company, Trafigura. As a pro-European, he was firmly on the remain side of the Brexit debate. [26] The business trades as Viva Energy Australia, although the Shell brand remains on many of its retail products. Vitol would be paid in crude oil. He was 64. Vitol has been involved in several controversies. He combined energy and a determination to succeed with humility, humor and humanity,” Hardy said in the statement. 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. Vitol Asia serves clients worldwide. The gas-fired plant provides approximately 2.5% of UK peak electricity demand. [22] MISC Berhad held a 50% stake in VTTI from May 2010 until August 2015. Be honest, got much larger than it should have, ” Taylor said neither! 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