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Vitol said on Monday its LNG volumes grew to about 19.4 million tonnes of oil equivalent (mTOE) as demand increased and prices moderated from the peaks of 2022 and 2023.
The trading firm boosted its LNG volumes in 2023 to about 17 million tonnes of LNG on the back of higher demand in Europe.
Vitol previously reported LNG volumes of about 14 million tonnes in 2022, 12.9 million tonnes in 2021, 10 million tonnes in 2020, and 10.5 million tonnes in 2019.
In 2024, volumes of physical energy traded remained broadly flat at 537 mTOE compared to 545 mTOE in the year before, though turnover declined to $331 billion from $403 billion in 2023 as energy prices moderated and volatility declined in a generally balanced market, Vitol said.
In oil, Vitol delivered 7.2 mbpd of crude oil and products (2023: 7.3mbpd) with slight declines in crude, gasoline, and gasoil being offset by a strong growth in naphtha and jet as the petrochemical and aviation sectors continued to expand, the firm said.
LNG investments
Vitol also added to its investments in waste bio-methane with the acquisition of Biomethane Partners in the US, which captures methane from waste landfill, injecting it into the gas grid.
“We see additional opportunities for the blending of waste biofuels into the bunker market and are actively exploring a number of bunker solutions, from bio-LNG to biodiesel,” the firm said.
Last year, Vitol ordered two LNG bunkering vessels from China’s CIMC Sinopacific Offshore & Engineering in Nantong, and it also signed a seven-year charter deal for one LNG bunkering vessel with UK-based small-scale player Avenir LNG.
“Across our infrastructure investments, our storage company VTTI is also growing its position in LNG, alongside traditional fuels, as well as ensuring it is well placed to serve a growing biofuels market,” Vitol said.
Rotterdam-based storage terminal owner VTTI, co-owned by Vitol, IFM, and Adnoc, and Italian energy firm Snam completed the purchase of Italy’s Adriatic LNG terminal in December 2024.
VTTI also purchased a 50 percent shareholding in the Dragon LNG terminal in the UK.
Most recently, Vitol agreed to agreed to buy a stake in Eni’s Congo LNG project and signed a 10-year sales and purchase deal with LNGPH to deliver LNG to Batangas, Philippines.