LONDON-Oil trading giant Vitol Group SA Monday reported revenue
of $307 billion in 2013, a slight increase from $303 billion in
2012.
The privately-held Dutch oil trader doesn't report its profit
figures, but the trading business is known for its razor-thin
profit margins. The company's president and chief executive, Ian
Taylor, described market conditions in 2013 as "very challenging"
and "extremely competitive."
However, he also said the withdrawal of some investment banks
from commodities trading and oil majors' increasing focus on
production and exploration have created opportunities for
Vitol.
"Globally, we are using expertise from across the Group to
develop complete and integrated solutions, from financing through
to build and supply for our clients," he said.
Vitol traded 276 million tons of oil and oil products in 2013, a
slight increase from 261 million tons in 2012. Its coal sales
doubled to 51 million tons from 25.2 million tons, but its sales of
natural gas and power declined.
Vitol is the world's largest independent oil trader.
Write to Sarah Kent at sarah.kent@wsj.com; Twitter:
@sarahkentDJ
Subscribe to WSJ: http://online.wsj.com?mod=djnwires