| Emitents | Ventspils nafta, AS |
| Veids | Citi |
| Valoda | EN |
| Statuss | Publicēts |
| Versija | |
| Datums | 2012-02-23 13:34:48 |
| Versijas komentārs | |
| Teksts |
Turnover of Vitol Group has increased to almost half billion tones; operation in Africa significantly expanded. Oil market predictions for 2012 Traded volume of Vitol Group – the largest shareholder
of JSC Ventspils nafta (NASDAQ OMX RIGA: VNF1R) – has increased by
14.5% in 2011. Total traded volumes for the Vitol Group in 2011
were 457 million metric tones (mt’s), compared with 399
million mt’s in 2010, on a like for like basis. These numbers
include all trading activity including natural gas, chemicals and
carbon credits. Carbon made up 71 million mt’s of the total. In
addition around 276 terawatt hours (TWh) of power was traded,
compared with 206 TWh in 2010.
Vitol’s revenues for 2011 were $297 billion,
higher than in 2010 and bolstered by higher volumes and
significantly higher average oil prices of $111.26 a barrel versus
$79.50 a barrel in 2010 (basis dated Brent), an increase of
$32/barrel.
Physical energy trading remains at the core of Vitol’s
business. Vitol continues to be a major participant in global
shipping markets, chartering around 5,500 voyages in 2011,
delivering crude oil and products to our customers around the
world. Crude oil trading remains the largest part of the trading
portfolio, with 135 million mt’s of crude traded in 2011, supported
by substantive volumes from all petroleum product businesses, as
well as power, gas, carbon and coal.
While physical global energy trading remains at the
heart of Vitol, it continue to look at a variety of new investment
opportunities in the midstream and downstream energy sectors, which
can deliver growth and synergy with our core trading business. In
this respect, a number of investments were made in 2011 which
enhanced our global reach, linking trading with our
customers.
On December 1st, Vitol launched a new African
downstream company, Vivo Energy, owned 40% by Vitol, 40% by Helios
Investment Partners and 20% by Shell. When the transaction
completes this year, this company will operate in at least 14
countries in Africa, marketing fuels and lubricants under the Shell
brand. Vivo Energy has exciting prospects in a continent with
growing demand driven by fast growing populations and developing
economies.
Vitol Aviation is rapidly expanding its sales and
marketing footprint, including entering the direct airline sales
market at London Heathrow in October 2011, the first new market
entrant since 1987.
In VTTI, Vitol’s 50% terminal joint venture with MISC
Berhad of Malaysia, further growth was delivered by the completion
of phase 3 of the ETT Rotterdam terminal. At the end of the first
quarter of 2012, phase 1 of the new terminal at Tanjung Bin, Johor,
Malaysia, will be completed, with an initial capacity of 841,000
cubic metres. In the USA, Vitol announced plans to build a crude
oil terminal and loading facilities in Midland, Texas, with initial
capacity of around 1 million barrels.
Ian Taylor, President and Chief Executive of the Vitol
Group, commenting on 2011 performance, said:
“2011 was a year in which the world experienced some
significant, unpredicted events, causing major price
increases in energy markets as well as changes in energy
policy and trade flows. These included the Arab
Spring uprisings, beginning in Tunisia and spreading across
North Africa and the Middle East as well as the Fukushima nuclear
disaster on March 11th. Political uncertainty combined with a
major loss of crude supply from Libya, contributed to Brent crude
oil prices rising from $94/bbl and ending the year $14/bbl
higher. Average Brent crude prices of $111.26/ bbl for the
year were the highest ever. Conversely gas prices in the US
declined from $4.65 per million BTU to below $3 by year end, driven
by the material changes in US gas supply. The environment for
shipping and refining remained weak, both due to global oversupply
and short term prospects remain difficult in both
sectors.
Despite challenging trading conditions in 2011, Vitol
delivered a strong performance by the core trading
activities. We believe that this continues to reflect the
well-established and diversified platform that we continue to
build. Physical trading remains the focus of our activities,
helping to meet the energy needs of all our customers around the
world. Results were enhanced by a couple of disposals in our
Exploration and Productionbusiness.
Economic uncertainty makes it challenging to
predict demand and supply for oil in 2012, the key determinants of
price. Should global oil demand growth remain positive,
driven by the economies in Asia, the Middle East and South America,
and OPEC and non OPEC deliver the expected additional supply,
then we would expect oil prices to remain around current levels for
the balance of 2012. Geopolitical risk, especially in the Middle
East, creates potential material risk to the upside. The continuing
divergence between oil and regional gas prices remains
the most noteworthy recent characteristic in global energy markets.
Reduced year on year energy consumption in Europe, with
Europe’s oil consumption now at the level last seen in
1990 and a marginal annual increase in US consumption of only 0.16%
as compared with growing demand in the developing economies, has
profound implications for trade and for long term refining
prospects. The transformation of North America’s production of oil
and gas as a result of technology and investment has created the
potential for gas exports, with significant impacts on future
global energy flows.
Strong relationships and excellent support from our
financial partners were reflected in the oversubscribed
capital raisings from our Singapore and Geneva companies, despite
difficult financial market conditions. Our financial base
remains strong and this provides us with the platform to pursue the
multiple growth opportunities that the market currently offers. We
are fortunate to have a high quality team of people in all of our
29 offices around the world and their significant efforts are
reflected in our 2011 performance”
Additional information
Vitol owns 49.5 % of JSC Ventspils nafta shares (via
Euromin Holdings (Cyprus)) and is its largest
shareholder.
More details on the Vitol Group can be found at
www.vitol.com
Additional information:
Ilze Nagla
Public Relations Manager
JSC “Ventspils nafta”
Phone: 29267454, 67715914
E-mail:
ilze.nagla@vnafta.lv
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