https://www.engineeringnews.co.za
Business|Energy|Financial|Gas|Iron Ore|Power|Surface
Business|Energy|Financial|Gas|Iron Ore|Power|Surface
business|energy|financial|gas|iron-ore|power|surface

Vitol CEO confirms energy trading giant is getting into metals

Vitol CEO Russel Hardy

Vitol CEO Russel Hardy

10th April 2024

By: Bloomberg

  

Font size: - +

Vitol Group confirmed that it’s starting rebuild a trading book for metals after a long stint out of the market, with an “exciting decade” ahead.

“It’s a relatively small addition to our business,” CEO Russell Hardy said at the Financial Times Commodities Summit on Tuesday.

Hardy’s comments are the first public acknowledgment of a step the energy trading giant has been making over the past six months. Vitol brought in an iron ore trader last year, Bloomberg previously reported. It’s also in the process of hiring two base metals traders who recently left rival Mercuria Energy Group, Reuters reported last week.

The buildout comes as Vitol — the world’s biggest independent commodities trader — expands beyond oil, gas and power after banking net profits of more than $28-billion in the past two years.

The firm was burned by an earlier foray into metals trading when it bought Euromin — a company that focused on trading metals, especially in the former Soviet Union, in the 1990s.

“I wouldn’t describe it as our finest hour — we struggled a little bit with managing the risks,” Hardy said. “So we’re very much starting from scratch again and really we’re just scratching the surface.”

Edited by Bloomberg

Comments

Showroom

Immersive Technologies
Immersive Technologies

Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.237 0.309s - 278pq - 2rq
Subscribe Now