Vitol Aviation is focused on Europe, North America and Africa, serving the world’s largest airlines and military customers with 5.7 million tonnes of jet fuel a year into wing.
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 Australia, although the Shell brand remains on many of its retail products.
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’sregime 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, an article in Reuters 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. The article stated that as Vitol is based in Switzerland, which did not implement Western sanctions, Vitol had skirted the charges.
OMV Petrol Ofisi A.Ş. is a Turkish fuel products distribution and lubricants company. It is owned by VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd.
Petrol Ofisi is the market leader in fuel products and distribution in Turkey with a market share of circa 23 per cent. Its business comprises the largest retail station network of over 1,700 service stations, 1 lubricant plant, 10 fuel and 4 LPG filling terminals, 20 aviation supply units and approximately 1,1 million m³ storage capacity. Its product range covers unleaded gasoline, Diesel fuel, kerosene, fuel oil, jet fuel, liquefied petroleum gas (LPG), lubricants and various industrial oils.
The company took the second place with turnover of $ 30.8 billion in the Capital 500 list, which ranks 500 of the largest corporations in the Turkish private sector with its $ 30.8 billion turnover and 1,521,466,000 TL export value. Having the largest fuel chain in Turkey, Petrol Ofisi has a sales volume of 114,000 tons of lubricants and chemicals. Total sales volume in 2016 was 10.68 million tonnes.
It was established on February 18, 1941 as a state owned company to import, stock, refine and distribute petroleum products. It became a joint stock company in 1983.
On July 24, 2000, the company was privatized, and initially 51% of the shares were purchased by Doğan Holding. On March 13, 2006, the Austrian petroleum company OMV bought 34% of the stake for US$1.054 billion. After this stock exchange, the share of Doğan Group decreased from 86.7% to 52.7%. On October 22, 2010 OMV announced that it will buy 54.17% shares from the Doğan Holding for the sum of EUR 1 Billion, setting its total stake in the company to 95.75%. The transaction remained subject to approval by relevant authorities until December 22, 2010 when it was completed.
On 13 June 2017 Vitol announced VIP Turkey Enerji AS, a subsidiary of Vitol Investment Partnership Ltd completed its acquisition of OMV Petrol Ofisi Holding A.S (“Petrol Ofisi”) from Vienna-based OMV AG (OMV) for EUR 1.368 billion ($1.451 billion). The transaction was first announced on 3 March 2017.
Selim Şiper was appointed as the CEO and a Member of the Executive Board of Petrol Ofisi A.Ş. Following the acquisition of Petrol Ofisi by Vitol Group, Şiper was appointed to manage the restructuring of Petrol Ofisi’s business strategy and to strengthen the company’s market leader position. Şiper took over the position from Gülsüm Azeri, and started active duty on October 16, 2017. Gülsüm Azeri will take office at the Supervisory Board of VIP Turkey Holding B.V, parent company of Petrol Ofisi, and become a Vitol director.