World’s biggest independent oil trader expands into materials needed for energy transition
Vitol, the world’s largest independent energy trader, plans to expand into trading copper, steel, iron ore and aluminium as it hedges against the eventual decline of global oil demand, according to chief executive Russell Hardy. “We quite like the idea of being involved in the bigger metals markets,” said Hardy at the Financial Times Commodities Asia Summit in Singapore. “We’ll have to find our edge, and our pathway in it. It would be a gradual buildout over the next five years.
Vitol this year announced the purchase of Hong Kong-based Noble Resources, a China-focused coal and oil trader, for $200mn. Hardy said he hoped the deal would help “catalyse” Vitol’s entry into metals markets by giving the company access to new customers. The privately owned group, whose chief executive is based in London, had exited the metals market a decade ago when it sold its metals subsidiary Euromin.
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