Energy and commodities trader
Founded in 1966 in Rotterdam. Involved in oil refining, trading, shipping, storage, exploration and production, marketing and power generation. It has 40 offices around the world and trades over seven million barrels of crude oil and products a day, controlling about 6.5% of the world oil market in 2016. In 1990, the Dutch owner and seven other partners sold the company to 40 employees including Ian Taylor, the current CEO, with no one owning more than 5%. It is Dutch registered, Geneva headquartered and decision making is made in London.
|Vitol Holding BV||SWI||website|
|Vitol Holding BV|
This company blends cheap fuel with sulphur levels many times the European limit for sale in African countries. While the business model is legal, their actions are clearly illegitimate and violate human rights because their profits come at the expense of the health of millions of Africans.
[Source 2016][More on Human Rights]
This 2015 report assesses the human rights approach of Vitol. This company has done little to nothing to reduce its possible involvement in human rights violations.
[Source 2015][More on Human Rights]
In 2018 the Dispute Settlement and Sanctions Committee of CRE fined Vitol 5 million euros for engaging in market manipulation on the French Southern virtual Gas Trading Point between 1 June 2013 and 31 March 2014.
[Source 2018][More on Governance]
This 2013 report by Reuters claims that Vitol bought and sold Iranian fuel oil in 2012, bypassing an EU embargo against Tehran. The tale of the cargo of Iranian fuel oil involves tanker tracking systems being switched off, two ship-to-ship transfers, and blending of the oil with fuel from another source to alter the cargo's physical specification.
[Source 2013][More on Finance]
Vitol has a number of controversies listed on its Wikipedia profile, mostly to do with trading oil with oppressive regimes. Follow the link for further details.
[Source 2013][More on Human Rights]
This article details how Vitol arranges its business to pay a fraction of the standard UK tax rate for its hugely profitable London operations. Sources reveal that so-called 'brokers' in London are actually traders, with their trades being 'confirmed' in Switzerland. This means the profits on their trades are shifted to low-tax Switzerland.
[Source 2014][More on Finance]
Vitol has become a major player in Kazakhstan. In 2014, Vitol sold nearly a quarter of crude earmarked for export; it then obtained access to the biggest oil fields in the country. What's the recipe for such success? A Public Eye investigation reveals that Vitol associated itself with individuals close to the ruling powers via a discreet joint venture which handled billion-dollar contracts. Exclusive documents show that the president's son-in-law, Timur Kulibayev, indirectly benefitted from this lucrative partnership. Follow the link the learn more.
[Source 2018][More on Governance]
This company has extensive responsibility claims on its website.
[Source 2017][More on Sustainability Reporting]
Vitol first began making charitable grants in 2002 and established the Vitol Foundation in 2006. Since then they have funded over 2,000 projects in 124 countries around the world.
[Source 2017][More on Finance]
BankTrack is a global network of civil society organisations and individuals tracking the operations of the banking sector and the activities they finance. Banktrack aims to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices. BankTrack also has profiles on companies, such as this one, which have been the subject of civil society campaigns for damaging the environment or society. Follow the link to see this company's profile.
|Company Structure||Private company|
|Revenue||US$152 billion in 2016|
|# Employees||5,441 in 2017|
|Subsidiaries||Viva Energy Group Ltd (45% owned)
- Viva Energy Australia Pty Ltd