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Vitol News
Canadian, WTI Crude Prices to Asia Jump
Prices of Canadian and U.S. West Texas Intermediate crude oil to Asia jumped after shipping costs rallied on concerns that wider U.S. sanctions on the Russian fleet are tightening ship availability, trade sources said on Tuesday.Asian refiners face a margin squeeze as their costs of crude and shipping have spiked since Washington earlier this month imposed sweeping new sanctions targeting Russian insurers…
Vitol Lines Up Three LNG Bunkering Vessels
Commodities trader Vitol has secured three LNG bunkering vessels to support its worldwide operations.The agreements were made through Vitol’s shipping company, Vitol International Shipping.The vessels were secured via a seven to ten year time charter agreement with Avenir LNG and an order for two vessels at the CIMC Sinopacific Offshore & Engineering shipyard in Nantong, China.The time charter agreement with Avenir is for one newbuild 20…
Vitol Bunkers Receives its First Biofuel Barge in Asia
Vitol Bunkers has taken delivery of the Marine Future vessel, its first specialized biofuel bunker barge in Singapore.The addition of this specialized IMO type 2 notation bunker tanker to the V-Bunkers fleet will make it possible to supply biofuel blends including B24, B30 and up to B100, depending on customer specifications.Built in China, Marine Future is 102.6m in length and has the capacity to carry about 7…
Vitol Completes Biofuel Delivery in the UAE
Vitol says it successfully completed its first biofuel deliveries in Fujairah.Through its wholly-owned bunker arm, Vitol Bunkers, two vessels received B24 VLSFO on December 8 and 14. The fuel was sourced from its Fujairah-based refinery FRL and blended with regionally-sourced biofuel at VTTI storage facilities.
Finland’s New Inkoo Terminal Accepts First LNG
Finland’s new Inkoo floating storage regasification unit (FSRU) terminal on Sunday accepted its first cargo of liquefied natural gas (LNG).The cargo, which was ordered by Elenger, the largest privately owned energy company in the Finnish-Baltic region, was delivered by multinational energy and commodity trading company Vitol.The cargo, which originates from Vitol’s Venture Global Calcasieu Pass facility in the U.S., was transported aboard Vitol's LNG carrier Vivit Americas LNG.
Vitol Enters Jebel Ali Bunker Market
Vitol Bunkers said has extended its bunkering services to Jebel Ali—the largest container port in the Middle East—and to Dubai's Port Rashid Cruise Terminal, from July 2022.According to Vitol, the move will help it to address the supply requirements of strategic marine customers in key Middle Eastern locations.Vessels visiting Jebel Ali will have access to Vitol Bunkers’ marine products produced at the Vitol-owned FRCL refinery in Fujairah.
V-Bunkers Orders Pair of Electric-Hybrid Bunker Tankers
Vitol’s Singaporean bunker operations company, V-Bunkers, placed an order to build two electric-hybrid bunker tankers, with the intention to deploy them for harbor ops in Singapore.The bunker tankers are being built at an undisclosed shipyard in China with Electric-Hybrid notation and will employ Energy Storage Systems (ESS) technology comprising Lithium ion batteries for energy storage and anautomated…
W. Africa Crude-Freight costs ease, especially for VLCCs
Freight rates eased further on Friday, especially for the largest oil tankers, promising some recovery for West African oil prices which had touched multi-year lows. VLCC freight costs eased more rapidly than smaller Suezmaxes, making it less advantageous to ship on the latter. Prices for Suezmaxes were estimated around world scale 190-200, with one European buyer estimating further relief to around…
U.S. Shipping Sanctions Give Boost to EU Refiners
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.Complex refining margins for advanced facilities capable of extracting even more valuable products like diesel and gasoline…
Vitol, ENH Form LNG Trading JV
Commodity trading company Vitol and the Mozambican state-owned oil and gas company ENH have formed ENH Energy Trading, a partnership focused on trading oil products.The…
Korean H-Line Sign LNG Carrier TC with Vitol
Dutch energy and commodities group Vitol and South Korea's H-Line Shipping have executed a 10-year time-charter agreement for a newbuild, latest generation LNG carrier.The…
Vitol Builds Refinery for New Ship's Fuel
Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulfur fuel for ships…
Vitol, Novatek Sign LNG Deal for Arctic 2 Plant
Novatek Gas & Power Asia, a trading unit of Russia’s largest independent natural gas producer and LNG operator, Novatek, signed a heads of agreement with British…
Vitol Expands Tanker Fleet
Global energy trader Vitol has agreed to acquire a further 50 percent share of the global asphalt trading company VALT to integrate the asphalt trading business…
Vitol and KOMIPO Sign LNG Pact
South Korea's Korea Midland Power (KOMIPO) and Vitol Asia have signed a memorandum of understanding (MOU) on cooperation in various sectors including liquefied natural…
Tellurian in LNG Supply Deal with Vitol
Tellurian announced that its subsidiary, Tellurian Trading, has entered into a Memorandum of Understanding (MOU) with Vitol to supply 1.5 million tonnes per annum…
Petronas, Vitol Asia Pact for LNG Supply Deal
Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) through its subsidiary, Petronas LNG Ltd (PLL) and Vitol Asia Pte Ltd (Vitol) announced the signing…
IFM, Vitol and VIP Take Joint Ownership of Vitol Tank Terminals International
Vitol Investment Partnership(VIP), an investment vehicle sponsored and managed by Vitol, and IFM Investors, a global provider of investment services to institutional investors…
Big Oil Set to Cash in on IMO 2020 Rules
The world's biggest oil traders are gearing up to cash in on big disruptions that could hit the shipping fuel market in just over a year due to new U.N.-mandated environmental rules.International Maritime Organization (IMO) regulations will cut the limit for sulphur in marine fuels globally from 3.5 percent to 0.5 percent from the start of 2020."We're going to hopefully facilitate the new rules in…
