Vitol 2013 Sales Expand 1.3% to $307 Billion as Oil Volumes GrowAndy Hoffman
Vitol Group, the world’s largest independent oil trader, said revenue rose 1.3 percent to $307 billion last year as volumes in crude, oil products and coal grew and those for gas and power declined.
The company traded 276 million metric tons of crude oil and petroleum products, up from from 261 million tons in 2012, it said in a statement. Coal doubled to 51 million tons from 25.2 million. Closely held Vitol, based in Rotterdam with trading operations in Geneva and London, didn’t disclose its profit.
The year was “very challenging” for many energy traders, Chief Executive Officer Ian Taylor said in the statement. “Markets remained extremely competitive with new entrants increasing margin pressure on certain regional activity.”
Vitol said U.S. trading and asset holdings are growing as some banks withdraw from the industry. JPMorgan Chase & Co., Deutsche Bank AG and Barclays Plc are among lenders that have exited or cut commodity operations amid a crackdown by regulators on risky business after the financial crisis.