Vitol President Mike Loya Highlighted in New Video

A new video highlights Vitol's President and CEO Mike Loya. The video showcases Vitol's capabilities and position as one of the world's largest oil traders.



http://www.youtube.com/watch?v=MhSPh6EjRag

Ian Taylor Expects Oil Market Surpluses

Ian Taylor, president and chief executive of independent commodities trader Vitol Group said Wednesday that Oil prices will remain capped by surpluses for several years to come.

"I cannot see oil prices significantly above where we are," Taylor told the Oil & Money conference in London.

"Oil fundamentals have got spare capacity right through the system," Taylor said. "Even with strong economic growth, Vitol does not expect oil demand growth to absorb spare capacity for a number of years."

Check out the WSJ article Vitol CEO: Expects Oil Market Surpluses In Next 5 Years

Vitol and Harvest Energy Improve Terms For Crude Oil

Vitol and Harvest Energy Trust announced that Harvest's North Atlantic Refining Limited (NARL) subsidiary has renewed and extended its existing crude oil supply and refined product offtake agreement with Vitol.

Vitol will provide to NARL comprehensive working capital financing of feedstocks and finished products as well as provide feedstock procurement and shipping, finished product marketing and shipping, price risk management, administrative and back office services.

Vitol Enters Agreement with SemGroup

Vitol entered into an agreement to purchase a 100% interest in SemGroup Energy Partners G.P., L.L.C., and 12.6 million subordinated units of SemGroup Energy Partners, L.P. (SGLP).

The assets of SGLP include a crude oil storage terminal in Cushing, Oklahoma and associated pipeline facilities, other pipeline and gathering systems in Texas, Oklahoma, and Kansas, along with 46 asphalt terminal facilities located across 23 states in the U.S.

"We are pleased to have reached agreement for the acquisition of SemGroup Energy Partners G.P. Pending SGLP's resolution of various outstanding legal matters, this acquisition will make an important addition to our expanding business in the USA, the world's largest energy market." Mike Loya, CEO of Vitol Inc. remarked.