Vitol and ICECAP

Good Reuters article on Oil Trader Issues Blog.

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.

Arawak shares cease trading on London Stock Exchange

For all those covering the Arawak issue, I took this from Vitol's web site this morning. Arawak Energy Limited (“Arawak” or the “Company”) announces that following the successful offer by Rosco S.A. (“Rosco”) to acquire all of the outstanding common shares of Arawak, the Company’s shares have been delisted from trading on the London Stock Exchange effective 24 April 2009.

On 8 April 2009, Rosco announced that it held approximately 96.91% of Arawak’s total issued common share capital following its recommended and increased cash offer (the “Offer”) of C$1.00 per Arawak share at the end of January 2009. Rosco, a subsidiary of the Vitol group of companies, has declared its Offer wholly unconditional and has commenced proceedings to compulsorily acquire all the remaining outstanding shares related to the Offer. Arawak shares were delisted from trading on the Toronto Stock Exchange on 14 April 2009.

Arawak also announces that executive Directors Alastair McBain and Shahveer Kapadia and non-executive Directors James Coleman, Nicholas Clayton and Alan Duncan have stepped down from the Board. Arawak’s new Board comprises David Fransen, Roland Favre and Jacques Sterken, nominees of the Vitol group of companies.

All documentation related to the Offer can be found on www.arawakenergy.com or on www.sedar.com.

Arawak announces management, board changes

ST. HELIER, Jersey, April 7 - Following the successful offer by Rosco S.A. ("Rosco"), a subsidiary of the Vitol group of companies, to acquire all of the outstanding common shares of Arawak Energy Limited ("Arawak" or the "Company"), Arawak announces the following changes to management and to the Board of Directors:

Charles Carter has stepped down as Chief Financial Officer and has resigned as an executive Director of the Board. Mr. Carter, who was appointed Chief Financial Officer in 2004, will join the Vitol group of companies and will be based in Geneva.

Simon Blaydes, currently Deputy Chief Financial Officer based in Almaty, Kazakhstan, will assume the role of Chief Financial Officer.

Arawak also announces that executive Director Michael Volcko and non-executive Directors Malcolm Hope-Ross, Ross Douglas and Phillip de Boos-Smith have offered their resignations to the Board. These have been accepted with immediate effect. The remaining two executive Directors, Alastair McBain and Shahveer Kapadia, and three non-executive Directors, James Coleman, Nicholas Clayton and Alan Duncan, will continue as members of the Board.

James Coleman, Arawak's Chairman, commented: "Arawak is entering a new phase in its evolution and will soon transition into a private company under the Vitol group of companies. I would like to thank my fellow Directors for their support and guidance over the years and especially during the challenging business environment of 2008. I would also like to wish Charles every success in his new role."

On 24 March 2009, Rosco S.A. ("Rosco") announced that it held approximately 95.7% of Arawak's total issued common share capital following its recommended and increased cash offer (the "Offer") of C$1.00 per Arawak share at the end of January 2009. Rosco, a subsidiary of the Vitol group, has declared its Offer wholly unconditional and has commenced proceedings to compulsorily acquire all the remaining outstanding shares related to the Offer. Arawak has applied to the UK Listing Authority for the cancellation of listing of the Arawak shares on the Official List, and to the London Stock Exchange ("LSE") for the cancellation of admission to trading in Arawak shares
on the market for listed securities. Cancellation from the LSE is expected to
be effective from 24 April 2009. Arawak has also submitted an application to
the authorities for the delisting of its shares from the Toronto Stock
Exchange.


For more information visit Vitol.