Vitol posts record profits

21 February, 2012 The world's leading oil trader recorded profits of $297 billion for the past year.

Vitol Group has posted record profits of $297 billion (£187.8 billion) for the past year and is looking to expand operations.

The world's leading fuel trader which specialises in petrol, diesel, jet oil and naphtha saw its traded volumes rise to 457 million tonnes in 2011 up from the previous year's figure of 399 million tonnes.

Now bosses at the Swiss-based company want to expand into the midstream and downstream storage sectors. Vitol's nearest rival, Glencore, could only manage revenues of $186.2 billion in the past year.

Ian Taylor, president and chief executive of the company, said: "2011 was a year in which the world experienced some significant, unpredicted events, causing major price increases in energy markets as well as changes in energy policy and trade flows."

He added that emerging markets in countries such as Tunisia, North Africa and the Middle East had significantly helped Vitol's progress in the year.

© Adfero Ltd