Vitol’s LNG trading volumes grow

Commodity trading company Vitol saw its liquefied natural gas business grow over the past year with the volumes of traded chilled fuel increasing.

The trader said the volumes increased from 7.4 million tonnes in 2017 to 7.8 million metric tonnes in 2018.

Vitol noted that it has set sights on further growth as it signed a number of long-term marketing and supply deals with market participants.

Near the end of last year, Vitol signed deals with Petronas and Tellurian for the combined supply of 2.3 mtpa of liquefied natural gas.

Earlier this month, Vitol signed its first long-term charter deal for one of TMS Cardiff Gas X Carrier series newbuilds under construction at Hyundai Heavy Industries shipyard.

Only a day later the company snapped up one million tons of LNG from Novatek’s Arctic LNG 2 project for a 15-year term. The LNG will be shipped on FOB basis to Novatek’s transshipment terminals in the Murmansk region and Kamchatka, Novatek said in its statement.

Additionally, speaking to Reuters, Vitol spokesperson said that the company has relocated its LNG trading team from Geneva to London with operations to start before the end of the month.

LNG World News Staff