Vitol is a global energy trader and logistics operator across oil, gas, power, and renewables. It sources crude and products and moves them to refineries, utilities, airlines, retailers, and traders, while managing physical energy risk. It coordinates physical trading, shipping (about 6,000 voyages a year) and energy infrastructure with in-house technology. Its goal is to add value across the energy supply chain, support the energy transition with investment in renewables, and maintain strong risk and operational performance.
Company Size
1,001-5,000
Company Stage
N/A
Total Funding
N/A
Headquarters
New York City, New York
Founded
1966
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Voltus, a distributed energy resource platform, has raised $225 million in an oversubscribed Series D financing round. Generation Investment Management led the round alongside co-leads Activate Capital and Vitol, with participation from Broadscale Group, Climate Investment, NGP, Ajax Strategies and All Aboard Fund. The San Francisco-based company plans to expand its platform to 20 gigawatts by 2030. Voltus taps latent capacity in batteries, cooling systems and industrial processes at businesses and homes, dispatching it into electricity markets. The platform enables participants to reduce power consumption, lower energy bills and earn revenue. The funding comes as the North American Electric Reliability Corporation expects peak demand to grow 24% over the next decade. Voltus will execute its Bring Your Own Capacity programme in PJM and MISO markets whilst expanding across the US and Canada.
Vitol CEO says oil inventories in West have been exhausted. by Bloomberg C.Gorrivan, G.Smith, A.Hunter Tuesday, October 06, 2026 | 9:48 AM EST Oil inventories in western countries have been exhausted as a result of the Iran war, the boss of the world's largest independent oil trader said. Oil inventories in western countries have been exhausted as a result of the Iran war, the boss of the world's largest independent oil trader said, warning that fuel markets are likely to remain tight going into winter. "There aren't any more inventories to drain in the West," Russell Hardy, chief executive officer of Vitol Group, said at the Energy Intelligence Forum in London on Tuesday. "We drained the available inventory." The Group of Seven nations and its partners announced on Friday that they would release 100 million barrels of emergency oil reserves after the Trump administration piled pressure on Europe to do more to quell soaring diesel prices. Hardy said the precise details of that release were "not fully transparent." Hardy's comments come a day after the chief executive officer of Saudi Aramco warned that less than 10% of the world's 6 billion-barrel oil stockpile is practically available because of various logistics challenges. Hardy also warned that a tight fuels market is likely to persist in the coming months. "Products are still in a very, very tight situation and that will probably roll forward for a little bit longer as we go through winter," he said. What do you think? Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Dangote's Kenya refinery project launches this week at up to $20B. Kenya breaks ground September 30 on the Dangote-backed East Africa Oil Refinery in Lamu, a project priced at $17 billion by Kenyan officials and $20 billion by Aliko Dangote himself, and designed to process 700,000 barrels of crude oil a day at Lamu's deep-water port. It would serve Kenya, Uganda, South Sudan, Rwanda, Burundi and the Democratic Republic of Congo. Disclosed financing for the project totals $1.6 billion against a price tag of $17 billion to $20 billion. Tanzanian billionaire Mohammed Dewji has committed $100 million to the project. Dangote Group offered East African nations a combined 30% equity stake valued at $1.5 billion on August 21; Kenya's economic adviser David Ndii put Kenya's individual 10% allocation at about $500 million. Additionally, two separate pipelines, not one, are tied to the Kenya project, and neither has a disclosed cost, capacity or completion date. Ruto told Dangote he is discussing construction of a line from Turkana's oil fields to Lamu "to unlock the oil that we have in Turkana," according to Kenyans.co.ke. This would be an inbound route for the refinery's own crude supply. Dangote is building two more pipelines unrelated to Kenya. A Djibouti-Ethiopia gas and petroleum pipeline starts construction within two months. A separate $3.5 billion, 2,650-kilometer corridor will connect Namibia, Botswana and South Africa. Dangote has described the combined program, Kenya included, as $46 billion to $50 billion and roughly 4,000 kilometers of pipeline across the continent. Kenya's refinery faces a competing regional project of similar scale. Tanzania and Uganda have partnered with Vitol Bahrain on a $20-billion energy hub in Tanga, built around the nearly complete East African Crude Oil Pipeline. Uganda is backing both the Lamu and Tanga projects simultaneously, while separately advancing a UAE-backed, 60,000-barrel-per-day refinery of its own in Hoima. Back in 2016, Uganda abandoned a joint pipeline route with Kenya in favor of Tanzania's. Dangote anticipates completion around 2029 to 2030, with construction beginning in October and running roughly three years from groundbreaking.
Eni, Vitol sign MoUs with Ghana for two offshore blocks in Tano Basin. 10 September 2026 6:24pm Eni Ghana and its partner, Vitol Upstream Tano Ltd, have signed two Memoranda of Understanding (MoUs) with the Government of Ghana covering two offshore blocks in the Tano Basin. The agreements, covering the GH WB 3 and GH WB 8 blocks, are expected to pave the way for the finalisation of Petroleum Agreements for the two areas. The MoUs were signed on Thursday, September 10, 2026, by the Minister for Energy and Green Transition, John Jinapor, on behalf of the Government of Ghana. Executives of the Ghana National Petroleum Corporation (GNPC) witnessed the signing. The two offshore blocks cover approximately 2,100 square kilometres, with water depths ranging from 750 to 2,800 metres. According to Eni, the opportunities align with its nearfield and Infrastructure-Led Exploration (ILX) strategy, which seeks to leverage existing infrastructure and proximity to established producing areas to unlock the potential of prospective acreage. The latest agreements follow the signing of a Memorandum of Intent between the parties last year, representing a further step towards the finalisation of the Petroleum Agreements. Eni said the development reinforces its long-term commitment to investment and exploration in Ghana's upstream petroleum sector, while supporting the management and development of the country's petroleum resources within Ghana's legal and regulatory framework. Eni's Ghana operations Eni has operated in Ghana since 2009, undertaking offshore hydrocarbon exploration and production activities. The company currently has equity production of about 40,000 barrels of oil equivalent per day in Ghana. It is the operator of the Offshore Cape Three Points (OCTP) project, in which Eni holds a 44.4% interest, alongside Vitol with 35.6% and GNPC with 20%. Beyond oil and gas production, the joint venture's portfolio includes initiatives focused on training, economic diversification, access to water and sanitation, and access to energy. The signing of the two MoUs marks another expansion of the partnership's interests in Ghana's upstream petroleum sector as the country seeks to attract investment to new and prospective offshore acreage. DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited. % buffered Powered by GliaStudios DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Vitol has sold its stake in VEV, a commercial fleet electrification company, to Jolt Capital and Tesi, Finland's state investment firm. Jolt Capital is described as Europe's largest private equity firm focused on growth deeptech. Founded by Vitol in 2023, VEV provides fleet strategy, charging infrastructure, energy supply and operational services. The company currently serves 6,000 commercial electric vehicles across Europe, including over 5,000 in the UK. Eduard Ruijs, Vitol's head of investments and transition, expressed confidence in VEV's team to meet growing demand for fleet electrification across Europe.