Vitol SA

Vitol SA is a global energy and commodities trading company founded in Rotterdam, Netherlands in 1966. With over 55 years of experience in the energy sector, Vitol has grown to become one of the world's largest independent energy traders. Although mainly a physical oil trader, the group is now broadly based with active trading operations in gas, coal, power, non-ferrous metals, derivatives and sugar. The company made $279 billion in revenues in 2021.
Vitol traded 349 million tons of crude and oil products volumes over the course of 2023.
The company is also a founding member of Green Exchange, an emissions trading exchange opened in 2008 by the New York Mercantile Exchange and Evolution Markets. It is a member of the European Federation of Energy Traders, a trade body that includes Vitol, Trafigura and oil majors BP and Shell as members.
== History ==
Vitol was established by Henk Viëtor and Jacques Detiger in Rotterdam in 1966, initially trading fuel oil barges from the Amsterdam-Rotterdam-Antwerp (ARA) region up the Rhine. The company quickly expanded its operations, opening offices in Zug, Switzerland in 1968 and London in 1969.
=== Expansion and Growth ===
In the 1970s, Vitol established a presence in the United States (1974) and Singapore (1979), while also relocating its Swiss office to Geneva. Jacques Detiger became CEO in 1976, leading the company through a period of significant growth.
The 1980s saw further expansion, with the opening of a Bahrain office in 1982. Ian Taylor, who would later become CEO and chair, joined Vitol in 1985 and established its crude oil trading business.
During the 1990s, under the leadership of Tom Vonk (1990-1995) and then Ian Taylor (1995 onwards), Vitol's turnover doubled to $20 billion by the end of the decade. The company diversified its operations, acquiring a metals business called Euromin, establishing a sugar trading desk, and venturing into insurance through Anchor Insurance.
On November 25, 2021 Vitol Group agreed to buy Vivo Energy in a deal valuing Vivo at about $2.3 billion. Vitol had sold shares in Vivo in 2018 in what was one of the biggest initial public offerings on the London Stock Exchange that year.
On February 2, 2022 Vitol and the management of ATX Energy Partners, LLC announced the formation of VTX Energy Partners, LLC, which will seek to acquire, develop and operate large-scale upstream assets in established U.S. lower 48 basins.
=== Compliance Issues ===
In November 2007, Vitol pleaded guilty in New York State Supreme Court in Manhattan to a larceny charge in connection with a scheme to pay kickbacks to the Iraqi government in exchange for oil under the United Nations' oil-for-food program.
Prosecutors alleged that Vitol, through an associated entity or third parties, paid $13 million in kickbacks to Iraqi officials in connection with oil purchases under the program from June 2001 through September 2002, but allowed false representations to be made to the U.N. that no kickbacks were paid.
Vitol restitution was $13 million (€8.8 million) to the Development Fund for Iraq and $4.5 million (€3 million) to the city and state of New York.
Vitol Inc. and its Texas-based power trader, Federico Corteggiano, in January of 2024 agreed to pay $2.3 million to settle charges by the U.S. Federal Energy Regulatory Commission (FERC) for manipulating the California power market in 2013. Vitol agreed to pay $2.225 million, while Corteggiano agreed to pay $75,000 in civil penalties to fully resolve the allegations.
In December of 2020, Vitol Inc. agreed to pay $135 million to resolve a U.S. Department of Justice investigation into violations of the Foreign Corrupt Practices Act (FCPA) and a parallel investigation in Brazil. The charges stem from Vitol's involvement in paying bribes to officials in Brazil, Ecuador, and Mexico to gain improper competitive advantages. Additionally, Vitol agreed to disgorge $12.7 million to the Commodity Futures Trading Commission (CFTC) and pay a $16 million penalty related to separate trading activities. 
In February of 2024, a former Vitol oil trader, Javier Aguilar, was convicted of corruption charges for paying over $1 million in bribes to officials in Ecuador and Mexico to secure business deals. A federal jury in Brooklyn found him guilty of foreign bribery, foreign bribery conspiracy, and money laundering conspiracy. Aguilar funneled the bribe money through middlemen and shell companies from his Geneva-based employer, violating the U.S. Foreign Corrupt Practices Act (FCPA), which prohibits bribing foreign officials.
In August of 2024, the Commodity Futures Trading Commission (CFTC) has ordered Vitol, Inc. to pay a $500,000 penalty for violating federal position limits. This case marked the first time the CFTC enforced its authority over cross-exchange position limits. Vitol exceeded position limits on crude oil futures across multiple exchanges, including the NYMEX and ICE Futures Energy Division, and also violated limits in live cattle futures on the Chicago Mercantile Exchange (CME). In addition to the penalty, Vitol was required to cease and desist from further violations.
== Key Areas of Business ==
# Energy Trading: Vitol is a world leader in energy trading, with unique expertise in global and regional market dynamics.
# Infrastructure: The company has invested in various assets, including refineries, storage facilities, and service stations.
# Partnerships: Vitol has a long history of working with global partners, including energy companies, industrial entities, and governments.
== Products and Services ==
Vitol has been trading oil and petroleum products for 50 years. 
It is invested in refineries that have a total refining capacity of 500,000 barrels per day.
It owns 16 million cubic meters of storage capacity, in addition to its leased capacity worldwide.
It is also invested in wind, solar, and natural gas.
== Key People ==
* Russell Hardy, CEO
* Ian Taylor, Chairman
== References ==
Category:Energy Traders
Category:Energy companies
Category:Commodity trading companies
Category:Companies established in 1966
Category:Multinational companies
Category:Companies based in Switzerland
Category:Companies based in the Netherlands
Category:Oil and gas companies
Category:Energy infrastructure companies
Category:Private companies
Category:Companies in the petroleum industry