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Vitol May Consider Gas Investments in Latvia, CEO Tells Bizness

Vitol Group, a Swiss oil trader with revenue of almost $300 billion last year, may consider investing in natural gas in Latvia, Dienas Bizness reported, citing an interview with chief executive Ian Taylor.

Vitol may have been a “a bit naïve” with its initial investment in Ventspils Nafta (VNF1R) A/S because it didn’t know the company’s history or how things worked in Latvia, Taylor said, in the interview. Vitol owns 49.5 percent of Ventspils Nafta.

The price of oil will probably decline next year and may trade between $90 to $120 per barrel, said Taylor, according to the newspaper.

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net

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