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.

Vitol Teams with Eni in Ghana

Eni SpA announced yesterday that it has returned to Ghana through the acquisition of two offshore exploration blocks from Vitol.

The exploration licenses are for the Offshore Cape Three Points and Offshore Cape Three Points South.

Eni is Italy's biggest oil and natural gas company by revenue and had a presence in Ghana until the 1970s.

"We are delighted to be teaming up with Eni in Ghana at this exciting time. Eni brings world-class operating capability to the partnership, and we are strongly aligned in our view of the prospectively of our blocks and in our ambition to expedite their exploration and development, starting with our recent Sankofa discovery. Vitol has been an investor in Ghana's energy sector for more than 15 years and we recognized that teaming up with a major company with leading-edge technical know-how and operational capabilities, including in the LNG and power generation businesses, would benefit the nation. We are therefore very pleased that the Minister has approved this assignment," Chris Joly, Vitol's Upstream Manager said of the agreement with Eni.

Vitol and GNPC discover oil and gas offshore Ghana

The upstream subsidiary of Vitol and the Ghana National Petroleum Corporation (GNPC) discovered oil and gas reserves in the Sankofa-1A well offshore Ghana.

It comprised 33.1 metres of gas and 3.2 metres of oil in reservoir sands of Campanian age.

Vitol said this success confirms the prospects of the reservoir sands in the Tano/Cape Three Point basin blocks offshore western Ghana at the Jubilee field.

Check out the release and coverage by Peacefmonline.com, UPI and upstreamonline.

Mike Loya on Focus Washington

Focus Washington's Don Goldberg interviewed Vitol President and CEO Mike Loya to discuss oil prices and how they are behaving. Check out the video and the release.