Vitol

Vitol, through its wholly owned subsidiaries Arawak Energy Limited and Vitol E&P, has interests in various exploration and production projects worldwide. Arawak Energy is mainly focused on the FSU where it produces oil and gas in Ukraine, Kazakhstan and Azerbaijan, while Vitol E&P holds a portfolio of exploration and development assets along the West African Transform Margin in Ghana and the Ivory Coast. In February 2014, it was reported that Vitol, in concert with the Abu Dhabi Investment Council, had bought the downstream businesses of Shell Australia (excluding aviation) for a total of approximately AU$2.9 billion. The purchase included Shell's Geelong Refinery and its 870-site retail business, along with its bulk fuels, bitumen, chemicals and part of its lubricants businesses in Australia. The business trades as Viva Energy, although the Shell brand remains on many of its retail products. Further, in January 2015, Vitol in collaboration with Eni signed a $7 billion agreement with the government, for the production of oil and gas at Cape Three Points in Western Region of Ghana. The contract is expected to help meet Ghana's burgeoning energy needs. Vitol purchased a 25% share of the Marine XII production block offshore Republic of the Congo in March 2025 from operator ENI, partners include Lukoil of Russia.

Controversies

A 2001 article in The Observer stated that in 1995 Vitol had secretly paid US$1 million to Serbian war criminal Arkan to settle a deal with a Serbian Oil company, Orion. Vitol has denied all charges, arguing that no government agency has ever prosecuted the company in this respect.

In 2007, Vitol pleaded guilty to grand larceny in a New York court for paying surcharges to Iraq's national oil company during Saddam's regime and circumventing the UN oil-for-food program. Vitol subsequently paid $17.5 million in restitution for its actions.

According to an article in the Financial Times, Vitol was the company to organise the first controversial sale of Libyan rebel oil to Tesoro Corporation in early April 2011. According to the Financial Times, the company was approached by the Qatari national oil company to sell a cargo of crude oil supplied by the Libyans in exchange for technological supplies and fuel for the National Transitional Council of Libya.

In September 2012, it was alleged that the company had bought and sold Iranian fuel oil, bypassing an EU embargo against Tehran. Vitol bought 2 million barrels using a ship-to-ship transfer off the coast of Malaysia from a National Iranian Tanker Company vessel and sold it to Chinese traders. It was also stated that Vitol is based in Switzerland, which did not implement international sanctions, so Vitol had skirted the charges. In 2013, The Telegraph alleged that the company had been using, for over a decade, an Employee Benefit Trust, avoiding paying income tax for its UK staff.

In 2018, The Dispute Settlement and Sanctions Committee of CRE, the French Energy Regulatory Commission, fined VITOL S.A. €5 million for engaging in market manipulation on the French Southern virtual Gas Trading Point (“PEG Sud”) between 1 June 2013 and 31 March 2014. Vitol appealed this decision, but the French Council of State confirmed the sanction in June 2021.

In 2020, Vitol Inc. agreed to pay a combined total criminal penalty of $135 million to resolve bribery charges with law enforcement authorities in the United States and Brazil. The resolution arises out of Vitol schemes to pay bribes to officials in Brazil, Ecuador and Mexico.