Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back

Vitol is a Swiss-based multinational energy and commodity trading company that was founded in Rotterdam in 1966 by Henk Viëtor and Jacques Detiger.

Reducing Activities: company scaling back some business operations while continuing others

Stay Scaling Back
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Vitol and Gunvor help keep Russian refined oil flowing, data shows. Remain a significant buyer of refined oil from Russia more than a year after pledging to drastically reduce their business.

The Company Statement
June 27, 2023

Stop buying Russian oil by the end of 2022. Vitol sells stake in Russian Arctic development. Vitol announces that it has divested its interest in Vostok Oil LLC. Vitol said: “Product exported from Turkish refineries is not Russian origin, according to all international regulations.” It said its volumes of Russian crude oil and products traded had fallen by more than 90% since the first quarter of 2022 and “volumes are now negligible”. “We continue with our policy of minimising purchases of Russian origin products, in full compliance with all applicable legislation and regulation in relation to sanctions,” Vitol said, adding that it continued to have a presence in Ukraine and intended to invest in the country long term.

March 26, 2024Indian refiners buy more US crude as Russia sanctions tighten
November 16, 2023American purchases of laundered Russian oil worth at least $180 million to the Kremlin
November 12, 2023Vitol Exports from Russia
March 21, 2023Big Oil Traders Stay Circumspect on Reviving Russia Dealings
February 28, 2023Letter sent by B4Ukraine to the company (no response provided)
February 19, 2023Shell and Vitol accused of prolonging Ukraine war with sanctions ‘loophole’
December 30, 2022Vitol sells stake in Russian Arctic development
December 30, 2022The largest independent oil trader in the world, Vitol, withdrew from a large project in the Russian Federation
December 30, 2022Vitol divests interest in Vostok
July 07, 2022Vitol Advances With Sale of Russian Oil Project Vostok Stake
June 13, 2022Top Oil Merchant Vitol Will Stop Trading Russian Crude
April 13, 2022World’s top oil trader will stop buying Russian crude
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