Tuesday, April 28, 2009

Vitol's Mike Loya Discusses Oil Trading

This is an interesting video in which Mike Loya discusses Vitol's business in North and South America, specifically the United States. Mr. Loya has a really impressive knowledge of the industry.

"One of the key roles of Vitol in the United States is to help balance the system," said Mr. Loya. "Through implementation of the company's vast knowledge base, experience, and global reach, Vitol Inc. is able to help supply the American economy with the energy it needs to operate efficiently."

Through a diverse set of growing business models that also includes natural gas, power, coal, bio-fuels and carbon emissions, Vitol is able to meet energy needs through its various projects across the United States and around the globe. Mr. Loya talked about an example at Los Angeles International Airport. The airport consumes about 38 million barrels (1.6 billion gallons) of jet fuel per year. PFTC, a wholly owned subsidiary of Vitol Inc., supplied around 20 percent of that volume in 2008.

Mr. Loya provided insight into the fuel terminal and tank farm being constructed to serve Florida, a state without a single oil refinery. The facility, which is expected to begin operations at the beginning of next year, will operate as Seaport Canaveral LLC. It will have a vast storage capacity -- housing gasoline, diesel fuel, and jet fuel that will help to bring energy independence and new product supply to the growing population base in Florida. Mr. Loya also said that the facility would help to bring energy security to Florida during hurricane season.

Concluding the interview, Mr. Loya said that, "Vitol is on every coast around the world. With its vast reach and resources, Vitol facilitates the trading of oil and oil products between buyers and sellers, bringing liquidity and competition to the global oil markets. This efficiently brings oil and its products to customers where and when they need it, and moves oil and products from surplus markets to deficit markets, such as the United States."

The video is on the channel www.focuswashington.com.

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