FT: Oil trader Vitol hits record $15 billion profit
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The world’s largest independent oil trader Vitol received $ 15 billion in net profit in 2022, reports Financial Times citing own sources. This is a record figure for the company, equal to its total profit for the previous six years.
The company also informed about almost doubling turnover: from $279 billion in 2021 to $505 billion in 2022.
Commodity companies made huge profits last year due to a sharp increase in prices after the start of a special military operation in Ukraine in February 2022. Trafigura, Glencore and Mercuria have previously reported record numbers. At the same time, Vitol far outperformed its competitors in terms of profit.
Vitol declined to comment on FT information about the company’s profit. Being a private company, it is not required to officially publish the financial results of its activities.
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