Here is an interesting piece of information from Reuters on Vitol. Apparently the company will expand into natural gas, carbon emissions, ethanol and coal to operate across the changing landscape of the global energy mix
In an interview with Reuters on Tuesday, March 24, the company's chief executive Ian Taylor told Reuters, "All these parts of the energy market are linked and if you are going to be a good global energy trader then that is what you are going to have to do."
Additionally, the company plans to bid for Iraq's oil and gas fields as a member of a consortium, and is also looking at upstream opportunities in West Africa.
"These are world class fields...hopefully the situation in Iraq will improve and the international oil companies will be able to get in to help develop these oilfields," Taylor said.
Vitol intends to bid with other firms for a role to develop Iraq's reserves.
Pension funds and other institutional investors moved into commodities over the past five years and contributed to oil's bull run, which was not particularly healthy for oil markets, Taylor said.
"In some ways from a Vitol perspective, overall the oil and the energy markets are moving back to a stronger focus on the fundamentals of supply and demand ... in the longer term this is quite healthy,"
Taylor said.
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