Vitol Energy

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ENERGY


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MEETING THE ENERGY NEEDS OF A RAPIDLY CHANGING WORLD>


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VITOL 01

UPSTREAM

VITOL FOUNDATION

NETWORK LOCATIONS

TRADING

16 Introduction

18 Crude Oil19 Natural Gas20 Case study

> ADDING VALUE TOUSA REFINERIES

22 LPG23 LNG24 Case study

> DOUBLING LPG SUPPLYTO NIGERIA

26 Naphtha27 Gasoline28 Gas Oil & Jet29 Fuel Oil30 Coal31 Power32

Case study > THE FUTURE OF COAL TRADING IN SOUTHERN AFRICA34 Carbon35 Ethanol36 Case study > UTILITY ENERGY SUPPLY38 Methanol39

Chemicals40 Metals and Minerals41 Sugar

72 Introduction74 The Vitol Foundation

76 Network Locations

66 Introduction68 Upstream70 Case study > VITOL POWERS THE

INDUSTRIALIZATION OF GHANA

VITOL

02 Welcome

04 A physical trader06 Global reach08 Local understanding10 Speed & exibility12 Partnership14 People, systems & liquidity

TERMINALS, REFINING & SHIPPING

42 Introduction

44 Terminals46 Case study > SETTING A NEW BENCHMARK FOR

INDEPENDENT TERMINALS48 Refning50 Case study > A HIGHLY FLEXIBLE REFINING ASSET

JUST SOUTH OF THE STRAITS

OF HORMUZ52 Shipping

MARKETING

54 Introduction56 Vitol Aviation58 Case study > VITOL AVIATION ARRIVES

AT LONDON HEATHROW60 Vitol Germany62 Vivo Energy64 Varo Energy


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GROUP PERFORMACE

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20122011201020092008200720062005

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201220112010200920080

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201220112010200920080

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201220112010200920080

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20122011201020092008


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201220112010200920082007200620052004

Crude Oil 92

Gasoline & Naphtha 59

Gas Oil & Jet 51

Fuel Oil 24

Natural Gas 42

LPG 7

Other trading 28

TOTAL 303

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201220112010200920082007200620052004

TCO2 EFFICIENCY

E&P 69,689 0.0279 tC0 2e/bbl

Coal 101, 539 0.2353 tC0 2e/te coal

Terminals * 96,450 0.0037 tC0 2e/m 3

Blue Knight 24,404 0.0078 tC0 2e/m 3

Travel 3,069 n/a n/a

Offi ces 1,087 0.0095 t C0 2e/ft 2

TOTAL 296,238


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VITOL

The Vitol Group exists to help meet the energy needs of arapidly changing world.

One of the worlds largest independent energy tradingcompanies, we nd, extract, re ne, trade, store and transportmaterials and resources from where supply is abundant towhere demand is great. We forge connections; we tradephysical commodities; we help make things happen andmarkets work.

There, any apparent similarities with other oil and gasconglomerates end.

We do things di erently, and the di erence lies less in whatwe do than how we do it. This brochure is designed to takeyou inside the world of Vitol and show you how our 360expertise and unique culture combine to make us one ofthe energy sectors business partners of choice.

A WARM WELCOME

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VITOL

Our trading is, rst and foremost, physical.We charter tankers and move crude oil andoil products. Products such as gasoline,diesel and heating oil, fuel oil, jet fuel,naphtha and metals, as well as ethanol andchemicals: all over the world, every day.And we pipe gas, ll and operate terminals,ship coal and biofuels.

The breadth and reach of our globalnetwork gives us a profoundunderstanding of the intricateinterdependencies of the worlds energymarkets. Our status as a private companyand non-hierarchical partnership structuregives us a unique ability to act swiftly,innovatively and decisively.

We are, by any standards, a majorparticipant in world energy trading.In 2012 we shipped 261m tonnes of crudeoil and oil products and we had revenuesof $303 bn. We also couple physicalresources with in-depth expertise inmanaging our own nancial risk.

Founded in 1966 with the focused aim oftrading crude oil and oil products, Vitol is anindependent group of companies, sta edby energy professionals with a true depthof experience in the business of oiltransportation, market intelligence,re ning, distribution, marketing, tradingand nance.

All our shareholders are currentemployees, and this fosters a true spirit ofpartnership internally: every facet of thebusiness and its well-being is offundamental importance to us all. Weattract talented entrepreneurs whorespond to the exciting opportunities thatan independent company gives them.Were resourceful and adept atunderstanding and managing risk. We trustour people, and give them considerableresponsibility. We make decisions quickly,with short chains of command.

This solid platform allows us to buildlong-standing partnerships with our

customers, who look to and rely upon Vitolfor nimble thinking, creative solutions - andan unwavering commitment to reliability.


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Ours is primarily a physical distributionbusiness and one that operates on a trulyglobal scale. We identify imbalances

between supply and demand and we actquickly and safely to restore the equilibrium.We move energy from where it is sourcedand stored to where it is needed.

Our principal responsibility is to ourcustomers; we are able to think fast and actdecisively. Vitol is a broadly based group ofcomplementary businesses and we have

the systems, people and exibility to makeintelligent connections, optimiseeconomies of scale and create externalpartnerships every bit as enduring andopen as their internal counterparts.

We are not speculators on absolute pricemovements. Nor do we expose ourselvesor our customers to unnecessary risks.Rather, we use our worldwide reach, local

understanding and experience toanticipate change, marshal resources anddeliver innovative, e ective and reliablelogistics solutions.

TONNES OF CRUDE OIL SALES IN 2012

117m

5m+OVER 5M BARRELS OF CRUDE OIL ANDPRODUCTS TRADED EVERY DAY BY VITOL

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When massive Mediterranean swells caused Algerias Arzew-Bethioua port to closedown, supplies of LPG to Western Europe were threatened. Our ability to take on toughphysical trading challenges meant that we were able to supply a region extending fromsouthern France to eastern Poland by transpor ting LPG in rail cars over the Alps.


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VITOL

As one of the worlds largest oil and gas

traders, we understand the nature of therelationship between energy demand andfuel supply. Our information systemsenable us to see opportunities acrossoceans and geo-political boundaries, andwe have the shipping and storageresources to rapidly adapt to changingcircumstances and consistently try to

make the right trades at the right time.

7REGIONAL CENTRES

30+ADDITIONAL OFFICES WORLDWIDE

3,316EMPLOYEES IN TRADING & UPSTREAM, VTTIAND ARAWAK WITHIN THE VITOL GROUP

Vitols global reach means we have apresence and local expertise wherever in theworld energy is sourced, stored, transported,

traded or needed. The size and diversity ofour complementary worldwide interestsmeans that we truly understand the markets

in which we operate and we understand therelationships between them.

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Theres more to running an international

network than simply having o ces aroundthe world. We forge partnerships with localbusinesses and hire the best people to helpus work with, not against, the prevailingbusiness culture. Indeed, we are often toldby customers that weve won a contractbecause weve clearly tried harder to gainan understanding of how local practices,

regulations and cultural di erencescharacterise their local markets.


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Theres more to global reach than having a presence all over the world. Global reach isthe ability to see the bigger picture, gain local insights and anticipate how changes indemand in one part of the world will a ect supply to another.

A particularly cold winter in Asia means that demand for kerosene jet fuel escalates

as people turn to it for domestic heating. Because we know when, where and how thishappens, were able to source, trade and deliver alternative supplies of jet fuel for the USand European markets which otherwise would have been supplied from Asia.


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VITOL

350CARBON PROJECTS WORLDWIDE

We pride ourselves on our commitment toembracing the nuances, dynamics andunique sensitivities of local markets. Vitol is a

partnership, and one that looks to formexternal partnerships based on fair andmutually agreed objectives wherever in the

world we are doing business.We listen and we learn.We employ the best local people and

use their expertise and experience toensure that wherever we are doingbusiness, we are sensitive and alert tothe cultural, economic, political andenvironmental concerns of the

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community. There is no imposition of

one size ts all solutions dreamed up ina distant Head O ce. Rather, we formpartnerships born of common interestand long term sustainability.


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Ghanas o shore shermen told us that our seismic sur veying ship was a problem forthem, particularly at night, when their small wooden boats were e ectively undetectableby Vitols seismic vessel. We commissioned local people to help us make simple metal

radar re ectors for the shing boats so that they could be seen and avoided at all times,letting them carry on with their business, while we carried on with ours.


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VITOL

5,495SHIP VOYAGES IN 2012

Energy markets are volatile. They changewith the political climate, with shifts in supplyand demand, and with currency

uctuations. They change with the weather,with elections, with technologicalbreakthroughs and with economic

breakdowns. We anticipate and we act fast.Our strength lies in being able to anticipateand react to change faster and moree ectively than our competitors. It is astrength that gives us the time and space to

innovate, to think laterally and to make themost of the opportunities presented to usby a unique, comprehensive and balancedportfolio of energy sector interests.

200+SHIPS ON THE SEA AT ANY ONE TIME

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With existing shipping unable to convey the required tonnage through the inlandwaterways of the Amazon river, we spoke to ship owners and marine architectsand commissioned vessels of wider beam and shallower draft.


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1,025EMPLOYEES IN OUR GLOBALTRADING BUSINESS

Vitol is a very di erent kind of business.It is a privately owned company and onein which the focus is always, without

exception, on our customers. And whenwe say customers we mean partners.

This is a confederation of entrepreneursin which everyone works together for the

greater good of both the business andour customers.

The partnership model is not con ned toinward-facing expressions. Far from it.Our customers are partners, too, and ourrelationships with them are born ofequality, mutual respect and the desireto build and sustain lasting value forboth parties.

Our partnership model is at the heart of theway we do business and gives us a very real

advantage when compared withcompetitors who are required to considerthe needs of external shareholders as wellas customers.

Vitol is owned by its employees. There areno external shareholders. That means thatevery business decision has the potentialto a ect positively or negatively everyemployee. Vitol people have a very realinterest in seeing success across every partof the business.

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With just days to spare, Vitol sourced, shipped and delivered jet fuel, gasoline and dieselto meet the needs of a nation. When the incumbent fuel supplier to Guinea-Conakryproved unable to deliver, Vitol stepped in at the last minute and helped the country avoidthe very real possibility of a stock out. Our strong position in NW Europe, combined withour substantial in-tank reserves, fnancial liquidity and ability to ship product at a days

notice, meant that we were able to coordinate our resources and react immediately.


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$303bnOF REVENUE IN 2012

Vitols unique combination of talent,technology and resource managementgives us the ability to turn ideas into reality

quickly and securely. We see opportunitiesand we have the human, informationtechnology and nancial resources to make

the most of them.We have the right people and the rightinformation. Finance is the facilitator thatallows us to complete the circle and takedecisive action even in volatile or high

priced markets secure in the knowledgethat we have both proven riskmanagement tools and robust liquiditymetrics. Whether we are structuring apre- nance deal or working with any ofour 50 or more worldwide bankingpartners, we are known and trusted as abusiness with rm and carefully managednancial foundations.

Vitol people stay with Vitol. We aim to hirethe best people in the marketplace and wemake sure that they share our professionalvalues. We hire on merit and experience,

not just potential, while our partnershipstructure fosters a culture of conservativemanagement of our risk.

Our people have the best information attheir ngertips, thanks to our proprietaryVista system. Unequalled in the industry,the system designed by Vitol for Vitol allows users to view the progress of eachtransaction from all angles, connectingeveryone involved to a big picture of realtime data.

47CONSECUTIVE YEARS OF

PROFITABLE OPERATION

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Local knowledge, experienced traders and fully integrated data management systems allowed us tounderstand the underlying reason for a big surge in demand for propane in the Bordeaux region. Theregions plum brandy producers were rushing to dry the plums after a particularly wet harvest. If youknow why demand increases, you know how and when to meet it.

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Trading is the engine of our business, and energy in manydi erent physical forms is the resource we trade the most.In fact, almost all of the Vitol Groups activities are driven bytrading from exploration, to shipping, to storage. More than

simply a thread linking every aspect of what we do, trading isthe conduit through which we receive and share vital marketinformation, maintain the balance and ow of our liquidity,and forge lasting, rewarding relationships with customers all

over the world.

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TRADING

We take pride in our ability to take ondi cult, complex projects and delivere ective solutions quickly andtransparently. Because our partnershipmodel is based on collective responsibility,we are careful to assess risk exposure onthe ground, in local markets where wecan see the real relationship betweencause and e ect.

We dont make decisions based ontheoretical modelling or mathematicalabstractions. With 5,495 ship voyages in2012 and over 200 ships at sea at anygiven time, Vitol is by any de nition avery physical trader.

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What we doVitol is a signi cant participant in global crude oilmarkets and crude oil is the largest part of Vitolstotal energy portfolio. In 2012 we sold 117m tonnesof crude oil, which amounts to around 2.4m barrelsper day.

Where we do itVitol trades crude oil globally. We have a presenceand on the ground expertise wherever crude isproduced, traded, stored and supplied to customersfor re ning. This means that we operate in Africa, theMiddle East and the Far East, as well as in Russia, theCaspian, and North and South America.

We have local o ces in countries around the worldcovering everywhere from Buenos Aires to Beijing,and Luanda to Latvia. Having a presence on theground is key to our approach to getting rst

117mTONNES OF CRUDE OIL SALES IN 2012

261mTONNES OF CRUDE OIL ANDOIL PRODUCT SALES IN 2012

hand information as it happens and sharing thatinformation, quickly and e ciently.

How we do itWe believe that we o er a competitive advantagebecause we have the exibility, speed and logisticsexpertise that our customers need and expect.More than 47 years experience of turning marketintelligence into market advantage as well as ourextensive links with all the major crude producersand re ners means that we are able to work withexisting and new crude streams in any part of theworld. This will help the producer to understand thereal value of the crude oil.

Our long established ventures with the stateoil companies of Nigeria and Oman are cleardemonstrations of our commitment to long-termrelationships.

Overall, we lift crude oil from all the key producersand sell to every re ning company in the world,wherever they are located.

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What we doOur gas teams operate across three continents Europe, Asia and the Americas in both pipelineproduct and LNG, and we follow the business modelthat characterises every part of the Vitol Group:physical trading based on transportation andlogistics, storage and arbitrage.

With over 17 years experience in the gas business,we have grown our physical supply to more than25 BCM per annum in Europe alone, supported andenabled by storage capacity across six countries.We work with producers, importers, wholesalers,distributors and industrials on a global basis. Ourunique independence, combined with our abilityto deliver innovative solutions, has made us thepartner of choice for a number of important industryparticipants.

Where we do itWe deliver gas to customers in virtually every countryacross Europe utilising an extensive transportationand storage portfolio.

Across the Atlantic we source and trade Canadiangas, and facilitate the LNG trade around the US Gulfregion, where we have invested heavily in storage.

How we do itThe scale of our operations and extent of ourgeographical coverage allow us to take an holisticview of market changes, leverage economies ofscale and match supply to demand wherever andwhenever the need arises. We have built on therelationships in place with our energy industrypartners, and invested in new relationships andinnovative contractual arrangements with suppliers,pipeline and storage operators in the gas sector,

25 BCMVITOL MOVES 25 BCM OF PHYSICAL

GAS PER YEAR IN EUROPE

30 MCMVITOLS STORAGE FACILITIES IN

EUROPE DELIVER UP TO 30 MCM

PER DAY OF PHYSICAL GAS

with commitments reaching out nearly two decadesahead.

In addition to being one of the main liquidityproviders at trading hubs and cross border points,our signi cant and exible portfolio makes us anideal trading partner for tailor-made, structuredproducts. We are able to o er our clients a widerange of physical services helping them to expandacross markets and borders. They can bene t fromVitols core strengths, where we are able to helpthem to maximise the pro tability of their portfoliowith a range of sophisticated solutions.

An appetite for investment in physical NaturalGas assets has helped us cement our presence inthis sector and has led to a number of multi-yeartransactions.

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Vitol manages thesupply chains to CVRRe nings Cofeyville and Wynnewood refneries in the USA.

ADDING VALUE TO USA REFINERIES

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In addition to supplying up to 150,000bpd of West Texas and Canadian crude,we work in tandem to be the face ofthe market for the re neries andprovide working capital for stocknancing and ongoing investment.

Our global reach and the quality of ourmarket intelligence are keyadvantages, particularly when coupledwith our liquidity and ability to deliverinnovative and exible solutions acrossa range of capabilities that includesprocurement, nancing, logistics andcontinuity of supply.

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What we doVitol is one of the largest international LPG traders.We have the worlds largest pressurised vessels and,indeed, the largest eet.

At the core of our operation is a eet of 9 fullyrefrigerated VLGCs and 27 pressurized vessels,built primarily within the last ten years to Vitolsspeci cations. These enable us to o er excellentexibility and, importantly, speed and reliability.Re ners tend to have limited LPG storage on site, and

with increasingly stringent aring regulations theyneed to be able to ship the gas to market quickly.

By collecting, shipping, storing and trading gas thatwould otherwise be ared, we are meeting the needsof both the petrochemical industry and domesticusers, as well as supplying the growing demandfor autogas. We are also optimising the economicuse of a resource that would otherwise contributenegatively to climate change.

In addition, Vitol is highly active in the refrigeratedlong-haul arbitrage business, ready to move cargoes

wherever global market conditions dictate.

27FLEET OF LPG TANKERS BUILT

TO VITOLS SPECIFICATIONS

Where we do itOur eet ships considerable volumes to countrieswhere bottled gas is popular such as Portugal,France, Germany, Poland, Morocco and Turkey aswell as supplying cargoes to the US, China, WestAfrica, East Africa and the Caribbean.

Vitol also has access to LPG storage in West Africa,through a joint venture that provides infrastructurefor the gas to be marketed inland, and which will seesigni cant reductions in aring in Nigeria.

How we do itOur size is not and never has been an end in itself:it is simply a consequence of our success and thestrength of our customer relationships. The VitolLPG team is truly multinational, and we use localknowledge and insights to anticipate demand andreact swiftly and e ciently. Increasingly, we workwith oil and gas companies as a logistics solutionsprovider, and we are known for our ability to bring

innovative thinking to life through decisive action.

9.3mVITOL TRADED 9.3M TONNES OF LPG IN 2012

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What we doLNG will continue to be the fastest growing sectorof the international energy business for manyyears. Delivering over 2.3 million tons of LNG in2012, Vitol has re-a rmed its position as the largestindependent trader of LNG. Vitol continues to supplyour customers both on long-term and spot bases astheir requirements change. Our ability to integratewith the Groups natural gas business, to optimiseshipping and manage cross-commodity pricingprovides a wealth of opportunities to meet our

customers needs.

The continually expanding business is now balancedbetween term sales and spot transactions. With agrowing portfolio we are committing to more longer-term agreements. Operating these agreementsenables Vitol to o er more exibility and optimise theow of LNG both inside the portfolio and externally.

We continue to apply our core energy trading skills tobring new opportunities to the sector.

Where we do itAs the number of new entrants continues to growour customer base is expanding in all the supplyand traded regions of the world. In the last fewyears, we have deepened existing relationships andestablished new partnerships in Asia, Europe, theMiddle East and the Americas. Through our network

of regional and in-country o ces we are able to workwith our customers to meet their short and longer-term requirements.

How we do itVitols independence is important to our LNGcustomers. Unlike many of the largest, non-independent operators, we are impartial anduncompromised, with no upstream ordownstream con icts.

Our business is based on market fundamentals, andour customers bene t from our ability to respondwith speed, exibility and reliability.

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Working through VTTI and in partnership withNidogas , Vitol hashelped nance andconstruct the newestand largest LPGspheres on the WestAfrican coast.

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The Navgas LPG terminal at Lagos wasbuilt in accordance with EU standardsand is almost entirely sta ed by localemployees. The terminal features two4,000 tonne spheres, has a dedicated jetty and is uniquely capable of supplyingNigerias LPG needs 24/7, 365 days a year.Vitols 27-strong eet of pressurized LPGtankers is being signi cantly expanded to

meet planned demand.

For Vitol, this major project representsaccess to a Nigerian market of over 160million people. For the people of Nigeria,the Navgas terminal means a reliable andexpandable supply of an energy sourcethat is far safer and more e cient than theonly two alternatives wood or kerosene.

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6.3m

What we doVitol trades and moves approximately 17m tonnesof naphtha globally per year. The volume boughtand sold has grown steadily over the last ve years.We source, trade and move naphtha feedstock andclean condensate for petrochemical customers,re neries and large industrial concerns, leveragingthe logistics advantages available to us through thescale and exibility of our global shipping, strategicstorage and arbitrage operations. We strive to bethe leader in both supply and delivery contracts to

ensure the best value for our customers.

Where we do itWe operate and trade with every producing countryin the world. We lift from Saudi Arabia, the Emirates,the Russian Federation, South America and Northand West Africa to name a few. We facilitate therequirements of re ners, state-owned oil companiesand marketers in North America, Europe, Russia, the

Middle East, Africa and the Far East and are workinghard to meet the growing needs of re neries andethylene plants in China and India.

We have a growing number of partnerships in Russia where we have an exclusive naphtha terminal inKaliningrad and the former Soviet states, Asia andNorth Africa.

We have a truly global presence and principal

o ces in Houston, Geneva, Singapore and London.Consequently, we are able to optimise our arbitrageactivity through 24 hour coverage of world markets.

BARRELS PER DAY OF NAPHTHA

CONSUMED GLOBALLY IN 2012

How we do itWe bring all our core oil trading values, skills andservices to the naphtha market: clients rely on us forour physical expertise, our professional operationssta as well as our absolute commitment to deliverproducts that are on speci cation and on time.Our ability to always deliver is a re ection of ourcommitment to building long term relationships,the exibility a orded by our shipping and storageresources, our nancial security and our completerange of skills and tools.

We have the skills and track record to respondto opportunities swiftly, reliably and, whenevernecessary, innovatively.

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What we doEvery day, Vitol trades over 950,000 barrels ofgasoline, more than twice the UKs entire dailydemand. At any given time, we will have between50 and 100 gasoline tankers on the worlds oceansand we are a signi cant supplier of gasoline to theUSA. We are experts in identifying added value andarbitrage opportunities and we aim to develop long-term strategic relationships, either by supplying orby o taking and often adapting to changing localspeci cations to ensure security of supply.

Where we do itWe operate, trade and participate in tenders inevery producing country in the world. We own andlease extensive storage in Singapore, Fujairah (UAE),Houston, California, Florida, the Netherlands, NovaScotia, Latvia, Malaysia and Spain. We serve therequirements of re ners, state-owned oil companiesand marketers in North and South America, Europe,the Middle East, Africa and the Far East andare working hard to meet the growing needs ofre neries and marketers in China and India. We have

a growing number of partnerships in Russia and theformer Soviet states. Our markets are global andinclude California, one of the most highly regulatedgasoline markets in the world.

23.2mBARRELS PER DAY OF GASOLINE


950,000APPROX. BARRELS OF PHYSICALGASOLINE TRADED WORLDWIDE

PER DAY BY VITOL

How we do itIn a non-commoditised market, where gasolinespeci cations di er according to state and countryregulations and where change is increasingly drivenby environmental concerns and a growing demandfor low sulphur products, market intelligencereally matters. Our experience, combined with ourunderstanding of worldwide energy markets, givesus an in depth, real-time awareness of the speci cneeds of end users. Our logistics reach and abilityto act decisively wherever demand occurs means

were able consistently to understand and meetthose needs.

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What we doVitol is the worlds leading trader in middle distillatesand has a real depth and reach of expertise in globalarbitrage business. We are one of the largest users ofonshore tank storage, with 70% of product stored inVitol-owned tanks.

Vitol already supplies jet fuel to many of the worldsairlines. We are rapidly expanding our business in thisarea, adding value through our wealth of experiencein handling physical products.

With our strong storage position and marketexpertise we are one of the key global suppliers ofgas oil and ultra low sulphur diesel (ULSD). As theworld moves towards ever cleaner sources of energy,Vitol is also emerging as one of the signi cant playersin biodiesel, o ering a full range of fuels from B5 toB100 based on sustainable oils.

Where we do itWe have o ces in Houston, Geneva, London,Singapore, Bahrain, Dubai and Moscow and weserve the key distillates markets in Asia, Europe,the Middle East, South America and the US. We areactively expanding our business in Africa and China.

Our middle distillates trading is supported by Vitolsexpertise and scope of resources in storage, based inSingapore, the Middle East, the US and a network oflocations throughout Europe.

26.5mBARRELS PER DAY OF GAS OIL


70%OF VITOLS ONSHORE GAS OIL AND JET STORED IN VITOL-OWNED TANKS

How we do itExcellent market intelligence underpins each andevery trade we make. We are keen observers ofeconomic, political and consumer trends on bothmacro and micro levels; we understand how coldweather in Asia a ects supply to Europe; we try topredict, anticipate and react to international, nationaland regional imbalances wherever in the world theyoccur.

Drawing on our global trading, shipping andstorage resources and expertise in the US, SouthAmerica, Europe and Asia, we are ideally placed tomove cargoes and realise the opportunities arisingfrom regional and global imbalances. Our detailedknowledge of speci cations particularly importantin jet fuel gives us a real advantage in achievingbetter trading performance.

Global arbitrage has long been a core Vitol strength.Today, it is a structural feature of the middle distillates

market and, as such, Vitol is fully quali ed andequipped to optimise trading opportunities bothnow and in the future.

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What we doVitol is one of the most long established and activeindependent physical traders in the global fuel oilmarket. Every month we ship 3m tonnes of fuel oil.Approximately 50% of our fuel oil business is basedon trading feedstocks, bought by re ners for furtherupgrading.

We have a large and increasing share of the bunkermarket, driven by the establishment of strong longterm relationships with eet owners. We have alsobuilt an extensive and expanding network of storageterminals both owned and leased in key strategiclocations.

Where we do itVitol trades fuel oil globally. We have extensivestorage facilities including Rotterdam, Fujairah, theCaribbean and Singapore. We source high sulphurfuel oil from markets such as Mexico, the MiddleEast and the former Soviet Union, to ship to Asia andtake low sulphur fuel oil from the USA and Europe,often to Asia. Feedstocks are frequently sourcedfrom Europe, North and West Africa and shippedto re ners in the US Gulf Coast. To facilitate thesemovements we charter over 450 vessels per annum.

Around 40%OF THE WORLDS FUEL OIL IS

CONSUMED BY SHIPS

How we do itWe have the exibility, speed and logistics expertisethat our customers need and expect. Our longevityand success stems from our ability to add valuebeyond simply moving physical product. Vitol isresolutely customer focused, providing fuel oilsolutions and stocks all over the world. We also havethe experience and in-house blending expertise tomeet utilities, bunker buyers and re ners widelyvarying demands for di erent blends of fuel oils andfeedstocks.

We are able to optimise the value of a sellers streamand to meet and exceed the demands of re nery,bunker and vessel owners. We succeed by beingconsistently dynamic, innovative and well-informed.

LeadingSUPPLIER OF FEEDSTOCKS TO REFINERS

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What we doHaving entered the coal market in 2006, Vitol hasgrown rapidly to become one of the worlds top 5coal traders.

In recent years, the coal market has becomeincreasingly liberalised, with new grades of coaland pre- nancing instruments creating a moresophisticated environment and one that is ideallysuited to Vitols experience and expertise. We cover awide range of speci c origins for both steam coal and

anthracite, have a presence in every major miningregion and are successfully meeting the diverseneeds of customers around the world.

As well as investing signi cantly in productionoutput, we have signed long term contracts withproducers in both the Far East and Europe and arenow a major trading presence in steam coal.

Similarly, we are now servicing numerous long-termoutlets with utilities.

Vitol is also actively managing and developing arange of innovative logistics solutions ,which areproviding access to international markets for a widerange of small and medium sized producers withwhom we have developed long-term relationships.

Anthracite is another signi cant strength, with long-

term contracts in Russia, Ukraine and South Africa,and we support this with a full break-bulk operation(for storage, handling and wholesale) in Ghent,Belgium.

Where we do itVitol partners, nances and owns mines in Indonesia,Canada, South Africa, Colombia and Russia. Wesupply across the Asia Paci c region and intoall major European power utilities. Vitol is alsoparticipating in the development of major new portand loading facilities in Southern Africa , Colombiaand North America.

How we do itOur exibility, liquidity and ability to manage our

nancial risks allow us to work in more challengingenvironments, both as a producer and a buyer, andto trade in forward markets up to ve years ahead.We are also applying models employed in oil andnatural gas; by focusing on the physical aspects,we can add signi cant value in areas such as coalnance and logistics.

Vitol is also focused on other areas central to thesector. In dry freight we add real value to our coal

presence by taking longer term positions in Cape,Panamax, and Handy sized vessels and complementthis by being an active player in the shipping futuresmarket. Additionally, Vitol also now has a presence inthe biomass market and is involved in shipping andmarketing of wood pellets.

Our approach is personal and trusted. We build long-term relationships with local partners and we investin a shared future.

25.2mTONNES OF COAL SALES CONTRACTED IN 2012

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What we doWe access power station capacity (by supplyingfuels in exchange for power) transport powercross-border and operate as a power trader. Wealso have the exibility to o er products that mimicpower station dynamics and economics.

There is a natural synergy with our existing activitiesin natural gas, coal and carbon emissions, and bycombining these functions we are able to o er a fullrange of multi-commodity solutions to power plantowners and developers, utilities and large industrialusers, generators and suppliers.

Where we do itVitol has developed physical and nancial positionsthroughout Europe. This augments our existingpower activity in the US, where we are active intrading power forwards and options in the Easternstates. We are also active across the UK, France,Germany, Switzerland, Italy, Austria, Slovenia and theBenelux countries, with a reach that is broadening toextend further into Eastern Europe.

How we do itTake, for example, an investor in a power plant whowants to lock in a xed rate of return. Vitol mightpropose a solution whereby we take the power theplant generates in exchange for fuel supply andemissions credits. The investor gets the comfort ofa margin over a de ned term, and is protected fromvolatility on power prices and the fuel needed toproduce it.

GENERATION

UNIT

COAL

MARKET

GAS

MARKET

EMISSIONS

MARKET

FUEL &

CARBON EMISSIONS

& TOLLING FEE

POWER

VITOL

POWER TRADING

322 TWhTRADED BY VITOL IN 2012 IN EUROPE

Our experience as an oil, gas and coal trader givesus a rare and profound understanding of therelationship between energy and fuel. We leveragethis understanding to generate e ciencies, predicttrends and develop e ective long term solutions.

We are independent of any utility or nance house,we look to build and sustain long-term relationshipswhenever possible and we have the liquidity, assetsand reach to structure bespoke deals.

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THE FUTURE OF COAL TRADINGIN SOUTHERN AFRICA

Vitol is partnered withGrindrod Limitedin a coal and ironore export terminalin Mozambique.

Currently expandingto 7.3 million tonnesper annum, this will

provide incrementalexport capacityfor junior miners in

southern Africa.

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As South Africas Richards Bay CoalTerminal (RBCT) nears maximumcapacity, so the challenges facing coalexporters have become more acute

particularly in South Africa where RBCThas long been the only export option.

The Maputo terminal is destined to setnew standards for health and safety,employee welfare and the long-termmanagement of its environmentalimpact. It will also promote dramaticand lasting growth in local and regionaleconomies (particularly in Zimbabweand Botswana).

With Vitol providing liquidity andlogistical and trading expertise, TCMPhase IV will be exporting 20 milliontonnes of coal and 10 million tonnes ofiron ore by 2018.

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What we doVitol has one of the largest and most diverse carbon

project portfolios in the world and our involvementand expertise in carbon markets is global andcomprehensive.

Where we do itWhilst Vitol has a global reach, we remain verymuch a hands-on, physical trader with a localpresence where it matters. With carbon desks inGeneva, Singapore, Beijing, Dubai, Moscow, Houstonand London we cover the global carbon marketfrom Europe to US, Japan to Australia andeverywhere in between.

How we do itVitol is one of very few participants in the marketwhose involvement extends all the way from projectinception to trading activity right through the valuechain. The size and diversity of our projects port folio

allows us to take on trades and structures that others

might have to syndicate. Although our portfolio iswide ranging we pride ourselves on being a smallteam enabling speed of decision making key in adynamic and constantly changing environment.

Our partnerships are key including our ownershipof carbon credit aggregator CRM and with theChinese state owned company Huaneng , withwhom we formed a carbon fund, to name just two.Ultimately, we are focused on delivering value for ourpartners, whatever their objective and our clients areas diverse as our portfolio.

They include:> Industrial companies looking to monetise

their carbon position.> Utility companies seeking liquidity in

the marketplace.

>350mTONNES OF CONTRACTED CARBON VOLUME

350CARBON PROJECTS

INVOLVING VITOL GLOBALLY

No.1:POINT CARBON LISTED VITOL NUMBER 1PROJECT PARTICIPANT BY REGISTERED

PROJECTS IN THEIR LAST AWARDS

> Governments, for whom Vitol can facilitate the

meeting of compliance obligations.> Pension and hedge funds, looking for a trading

partner with solid expertise.> Project developers, looking to maximise the

pro tability of their projects through our sophisticated portfolio.

Vitol is constantly looking for new partners in thecarbon market. This highly complex market presentsmany opportunities and Vitol is ideally placed to helpour partners take advantage of them while addingreal and measurable long-term value.

VitolWINNER OF ENVIRONMENTAL FINANCE AWARD:

BEST TRADING COMPANY FOR CARBON

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Industry ContextThe U.S. continues to implement the Renewable

Fuels Standard with dramatic e ect. The renewablefuel market has reached more than 1 million barrelsper day, a wholly unprecedented volume, under thedirection of a programme that calls for a volume of2.3 million barrels per day by 2022. This programmenow mandates a renewable content of 9.63% in allroad transportation fuel, up from 9.23% in 2012.

2012 also saw the U.S. market shift from a netexporter in 2011 to a large net importer, importingaround 40,000 barrels per day of ethanol, mainlyoriginating from Brazil, with peak imports reachingover 80,000 barrels per day.

While the United States is the largest single

renewable fuel market in the world, Vitol continuesto expand its presence in this growing andincreasingly important fuel market globally, withrenewable fuel blending capability in Europe, theMiddle East, Africa and Far East market.

Where we do itVitol continues to actively participate in the growingworld market for ethanol. In the U.S., now the worldslargest ethanol market, having surpassed longtime leader, Brazil, Vitol maintains an importantpresence in the key markets of New York harbour,Chicago, Florida, Houston, San Francisco and LosAngeles. Vitol maintains ethanol storage, supply anddistribution in all of those markets and continues tolook for opportunities to grow and add value.

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As markets open up,new opportunitiesare created. A state-owned electricitygenerator in Europeapproached Vitol toexplore how we mightadd value as a supplierof their feedstocks.

UTILITY ENERGY SUPPLY

VITOL

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Vitol worked with the generator to:

Win their fuel oil supply tender atcompetitive prices, acting as their eyesand ears around the globalmarketplace.

Bring in our expertise and recommendimprovements to ensureoptimum pricing.

Review supply facilities andrecommend improvements, includingnancing options.

Propose diferent supply arrangements e.g. coal, natural gas, LNG as well aspossible CER projects.

The utility company now has access toVitols unrivalled global network for thesourcing of feedstocks and our ability tosource alternative energy supplies.

>

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What we doMethanol is a highly versatile commodity

and one for which demand is growing rapidly.Methanol derivatives nd use in both energy andpetrochemical applications. In the energy sectorthe market for methanol is expanding rapidly asmethanol is used in transportation fuels such asMTBE, bio-diesel and gasoline blending. With bio-fuel mandates increasing yearly, methanol demandfor this application will continue to grow. ThroughDME (dimethyl ether) methanol can be used as anLPG substitute, particularly in bottled gas markets,and in MTO (Methanol to Ole ns) methanol isreplacing higher cost naphtha as a feedstock forole ns. In the traditional petrochemical sectormethanol derivatives are used in everything fromadhesives to paints and polyester.

In 2012, Vitol marketed over 2m tonnes of methanol

globally and has similar plans for 2013.

A major player in the methanol marketplace since1989, Vitol is a truly global trader and marketerof methanol and has the logistics reach, strategicstorage capacity, arbitrage expertise and exibilityto both break-bulk and serve the diverse needsof end users.

2mVITOL PLANS TO MOVE 2M TONNES

OF METHANOL GLOBALLY IN 2013

Where we do itVitol has methanol teams in Houston, Geneva,

Rotterdam, London, Dubai, Singapore, and Beijing.Vitols key partnership in Oman Trading Internationalsupports its growing methanol business via itso take from the Salalah Methanol Company. We alsohave long term supply and o take relationships withproducers and consumers in the US, Europe, Africa,the Middle East and Asia.

How we do itWe focus on building long-term relationshipsbased on our ability to provide security of supplyfrom multiple supply sources. Large trading ows combined with comprehensive storage in keylocations and our status as one of the worldslargest charterers of shipping mean we can meetpractically any demand, anywhere, any time.

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What we doVitol is a major and growing supplier of bulk raw

materials from Asia and the Middle East to Europeanand US chemicals consumers.

We deal directly with petrochemical producers andconsumers, receiving shipments into our worldwidelogistics facilities and using our reach and marketknowledge as a global energy trader to identify andact upon arbitrage opportunities.

Our business is focused on two core products:> Benzene used among other things in the

production of styrene, phenol and cyclohexane.> Paraxylene a main feedstock for the manufacture

of polyester.

We also trade styrene, toluene, mixed xyleneand pygas.

Where we do itVitols chemicals team operates on a global basis

across Europe, the Middle East, Asia, the Far East andthe US. We have strategically situated storage inRotterdam, Houston and Korea.

How we do itWe have an in depth understanding of world energymarkets and can react to changes in the chemicalsmarketplace, quickly and decisively. This knowledgeand speed of response, combined with our abilityto move physical product, means we are able totolerate price uctuations and better manage ourphysical price risk exposure.

3.3mVITOL TRADED 3.3M TONNES

OF CHEMICALS IN 2012


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What we doVitol is a signi cant participant in the world sugar

market, with a wealth of experience in the sectordating back to 1992. Today we trade up to 5% ofthe worlds physically traded sugar in free marketareas, adding value to trade ows from producers inthe Western and Eastern hemispheres to marketsin North Africa, the Black and Baltic Seas and theMiddle and Far East. Annually, we move 1.5m tonnesand trade 2.5m tonnes of raw sugar in bulk. Wespot charter and time charter vessels ranging from20,000 to 50,000 tonnes.

Where we do itVitol works with producers in Brazil, Central America,Thailand, India and South Africa, and end-users inNorth Africa and the Middle East, Russia and theother former Soviet Republics, the Subcontinent,South East Asia and the Far East to source and placetheir physical requirements.

How we do itVitol is ideally placed to draw on our knowledge

of both energy and sugar, at a time when ethanolproduction is growing due to the mandated use ofalternative fuels.

We work with clients to help them to take advantageof changing supply and demand patterns foragricultural commodities. This could include makingsense of a market such as India, which alternatesfrom being a major exporter to a signi cant importer,as well as how to access opportunities that continue

to develop in countries such as China.

We invest time in building long term relationshipswith our customers, helping where necessary withnance initiatives and working together to anticipateand react to changing market conditions.

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VTTI represents far more than simply a rapidly expandingstorage resource. It is a matrix of fully integrated servicesdelivering coordinated solutions from our terminals facilities,shipping operations and re ning interests. In 2010 MISCBerhad of Malaysia acquired 50% of the shares in VTTI, withthe other 50% owned by the Vitol Group.

TERMINALS, REFINING AND SHIPPING

We have a presence in many key tradingcentres around the world and aninvestment strategy that will see us morethan double our storage capacity within

the next three years. The Vitol Groupowns and charters a eet of modernvessels with a truly global reach and weown, operate or have interests inre neries on three continents.

To be a world class player means workingto world class standards a fact re ectedin our commitment to the highest safetyand environmental standards, the

constant pursuit of smarter, moree cient engineering solutions andtransparent working relationships withlocal and state authorities, governmentsand pressure groups. And the feedbackand interaction that we get from ourlargest customer, the Vitol trading team,is just one of the ways by which we areconstantly seeking to improve.

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What we doVTTIs mission is to own and/or operatebulk logistics assets such as terminals andpipelines, to the highest safety andenvironmental industry standards, whilemaximizing return for shareholders. Today,VTTI is active in 14 countries around theworld and o ers access to a total capacityof around 8.6m m. This capacity is set toincrease to over 13m m in the coming

years through a proactive expansion andconstruction programme*.

Our strength derives from our knowledgeand understanding of the energy sector.We know what our customers require of astorage facility because of the interactionwith one of our key customers, the Vitol

trading team hence our focus on theexibility, loading capabilities andinfrastructure needed to maximise tradingopportunities, leverage economies ofscale and make swift and decisive use ofmarket insights.

Where we do itVTTI is an integral part of a bigger picturethat might see, for example, Vitol oil fromRussia ow through Vitol pipelines to a Vitolship destined for a VTTI terminal inAmsterdam. In building a global network,we have pursued a policy of investing in oiland gas terminals and associated pipelinesat the major import/export locations ortrans-shipment points around the world.

How we do itOur holistic view of the energy sectorallows us to accurately bridge the gapbetween asset people, who take a longterm view, and traders, who have to makeinstant decisions. We never cut corners,always look to protect our assets and theenvironments and communities in whichtheyre located, and actively seek out thosecustomers whose business synergies

stand to deliver the greatest mutualcommercial bene t.

Our Vitol Group expertise and experienceencompasses upstream, trading, utilities,shipping and terminals, and so we are ableto coordinate and direct resources,maximise e ciencies, shorten turnaround

times and reduce costs.

Above all, we deliver safe, intelligent, exiblesolutions often born of local knowledgeand expertise. From the vibrant Russianexport market; to the hub of Europes oilindustry; to the entry and exit point of theArabian Gulf; to the access point for LatinAmericas growing internal market VTTI isadding lasting and measurable value safely and reliably.

*Gross capacity, not on an equity basis

CURRENT VTTI TOTAL CAPACITY8.6m m 3

TOTAL CAPACITY OF VTTI BY 2016

ETT, Rotterdam, The Netherlands ETA, Amsterdam, The Netherlands

Terminals located in:

VNT, Ventspils, Latvia BNK, Kaliningrad, Russia VTTI FTL, Fujairah, United Arab Emirates VTT Port Qasim, Karachi, Pakistan Vitco, Zarate, Argentina Seaport Canaveral, Cape Canaveral,

Florida, USA Navgas, Lagos, Nigeria

ATB, Johor, Malaysia VTTI Kenya, Mombasa, Kenya

Projects under development

ATB expansion, Johore, MalaysiaVTTI FTL expansion, United Arab Emirates

VTTV, Vasiliko, Cyprus TEW Rotterdam, The Netherlands VTTI Algeciras, Los Barrios, Spain Vitco expansion, Zarate, Argentina

ATPC, Antwerp, Belgium

Petrotank, Germany

Around 13m m 3

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VTTI, in partnershipwith a local maritimeconglomerate, hascreated a world-classterminal at TanjungBin, Johore.

SETTING A NEW BENCHMARKFOR INDEPENDENT TERMINALS

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Phase 2 and 3 developments will taketotal fuel oil, gasoline and middledistillates storage capacity from 890,000cubic metres to over 1.6 million cubicmetres. It will also set new standards forsafety, exibility, security and load ratesin the independent terminals industry.

The ATB terminal can accommodateall sizes of tanker, including VLCC, andis purpose-built to meet or exceed thedemanding storage requirements of

oil traders.

With its proximity to Singapore, thelargest Asian hub, ATB is ideally situatedto open up exciting regional distributionopportunities and contributesigni cantly to the vibrant Malaysianenergy landscape.

>

>

>

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What we doVitol has been involved in re ning since itwas established in 1966, both throughdirect ownership and indirectly throughprocessing agreements.

Vitols growing re ning presence is focusedon three speci c areas:

> Owned and Operated: Vitol currently

owns and operates over 150 kbd ofre ning assets in Fujairah, Cressierand Antwerp.

> Crude Supply Agreements and StockFinancing: in the US, we supplyCo eyville and Wynnewood re neries upto 150,000 bpd of crude and provideworking capital for stock nancing andongoing investment. Our global energytrading presence, combined with ourstrong balance sheet, allows us to tailorspeci c agreements that can providebene ts to any re ning counterparty.

> Processing Agreements: these allow Vitolto lease unused re ning capacity to tryand bene t from positive re ningmargins. Our global access to crude andfeedstock may provide attractive crudeoptions, and the products produced canbe made available to our product tradingteams. The re nery pro ts from theprocessing fee and the ability to lock in are ning margin for that part of its

capacity that is leased to Vitol.

Further detailVitols rst actual ownership and operationof a re nery came when we acquired whatbecame the North Atlantic Re ningCompany (NARL) in Newfoundland. Ourhighly successful ownership and operationof this re nery over 13 years gave us theexperience and expertise to expand furtherinto the re ning sector.

We next acquired a 90% stake in FujairahTerminal Limited ( FTL) in 2007, withre ning and storage assets in theEmirate of Fujairah (UAE).

Mothballed since 2003, the re nery nowoperates at up to 80,000 barrels per day.There is still additional land to expand and

further investment opportunities are beingconsidered. Since the purchase, signi cantadditional investment has been made,with now over 1m m 3 of product storagein place. In 2010 Vitol purchased the Antwerpre ning assets of Petroplus Holding AG.The facilities are connected to an extensivepipeline network and harbourinfrastructure providing exibility forhydrocarbon feedstock, intermediates andnished products. They include one of thelargest bitumen processing plants in theBenelux region with a capacity ofapproximately 875,000 tonnes per annumand a tank storage facility with a potential

capacity of approximately 450,000 cubicmetres after additional investment.

In June 2012 Vitol, in partnership withAtlasInvest, purchased the Cressier re neryin Switzerland, as well as logistics andmarketing assets. A new company wasformed, Varo Energy. The re nery is anintegrated atmospheric-vacuumdistillation, visbreaking andthermal-cracking re nery with athroughput of 68,000 bpd and able to

process a wide variety of crude feedstocks.

The futureVitol continues to look for opportunities towork with crude oil producers to accessour own re nery system and with otherre ners to optimise their investment byaccessing the best possible crude oil andfeedstock alternatives, getting best valueson products and leveraging our access tothe best possible nancial terms. Futurere ning investments will be evaluated on acase by case basis.

80,000THE FUJAIRAH REFINERY IS NOW ABLE

TO REFINE 80,000 BARRELS PER

DAY AT MAXIMUM CAPACITY

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Our Fujairah re nery

ofers across-the-barrel capability at astrategically key IndianOcean location.

A HIGHLY FLEXIBLE REFINING ASSET JUSTSOUTH OF THE STRAITS OF HORMUZ

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Behind the headline statistic of being an80 kbpd re nery, Fujairah has a moreinteresting story to tell. This highlye cient, straight-run re nery, consistingof what were initially two re neries, hasthe capability to run heavy, acidic crudesdue to its stainless steel units. Recentlyfully overhauled, Fujairahs ability to take abroad basket of di erent crudes,combined with a blending capacity thatallows us to produce bespoke productqualities for regional markets, makes this

a particularly exible asset.

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What we doWe are physical traders and we moveenergy from markets that are in surplus tomarkets that are in de cit, across bordersand oceans. We move it safely,competitively and e ciently, with due carefor the environment.

A world-class shipping operation is anessential part of the management of this

supply chain, underpinned by the depth ofoperational experience that exists acrossthe shipping team.

Where we do itWe have commercial and operationalo ces in ve of the worlds most strategicshipping locations - London, Singapore,Houston, Geneva and Bermuda - giving usa leading strategic and logistical edge in aglobal market where time zones blendinto one.

How we do itThrough close contact with our tradinggroups and utilization of our own marketintelligence, Vitol is perfectly positioned toanticipate worldwide freight movements involatile shipping markets.

Mansel Ltd (www.mansel-ltd.com) is thecommercial shipping arm of Vitol. Thisallows the trading groups to provide

exibility to their customers as well aso ering risk management solutions forVitols freight exposure.

Within Vitol, the shipping team is not only aservice provider, transporting commoditiesin the safest, most e cient and coste ective way possible but is a competitivebusiness in its own right.

Mansel contracts vessels using variousnancial structures for varying periodsfrom a few weeks to a number of years.The vessels are underpinned by the corecargo ows of the trading groups, however,these contracts need to be commerciallyviable in their own right. The aim of theshipping group is to maximize theutilisation and thereby the returns, of theseassets under our commercial control.Shipping pro tability is maximized andVitol shipping exposure is managed using arange of third-party and internal cargoes,contracts of a reightment and derivatives.

Together with strategic partners, the VitolGroup has invested in a series of newbuildeco MRs from a major Korean shipyard fordelivery in 2013 and 2014. Thesevessels o er improved fuel e ciency andenhanced environmentalprotection compared to existing tonnageand are an example of Vitol protecting theinterests of our customers and partners

wherever we can.

The portfolio of cargoes and shippingactivity is extensive and includes crude oil,oil products, chemicals, dry cargo, such ascoal and sugar, LPG and LNG. We areexpanding our activities in the dry cargomarket where, as with every other Vitolbusiness, market intelligence is key to oursuccess.

Vitol is the largest independent chartererof product tankers in the world, shippingaround 300m tonnes of crude oil andproducts in 2012. At any one time there areover 200 tankers on the water undertakingvoyages for Vitol. In 2012 we completed5,495 voyages, compared to 5,460 in 2011.

Nowhere are the core skills that underpinall of Vitols activity more prevalent than inour shipping business: a combination ofglobal reach and local understanding,leadership and partnership and speed andexibility.

VOYAGES IN 2012

5,495

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Physical trading will always be at the heart of our company.It is the engine that drives Vitol and gives us the globalpresence, exibility and market intelligence to quickly identifyand capitalize on opportunities. Equally, we have always hadexpertise right across the value chain. Today, as many of theestablished major players in the oil and gas sector look tomove away from re ning and downstream marketing, we areideally positioned to build on our ability to maximize value inthe chain through both wholesale and retail marketinginitiatives. Ian Taylor Vitol Chief Executive

MARKETING

Our Marketing activities have grownsigni cantly in recent years. Today, wesupply aviation fuel to many major airlinesat hub airports around the world. We are

also marketing Shell-branded fuels andlubricants across much of Africa. We haveopened up new wholesale markets via our

Cressier re nery in Switzerland and wehave expanded our capability to supplymiddle distillates to customers inGermany. In each instance, we add value

by working e ciently, ensuring continuityof supply and harnessing the bene ts ofour global reach.

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In Asia we supply Kuala Lumpur Airport.Vitol Aviations African portfolio nowincludes 21 airports as part of the purchaseof Shells downstream business by VivoEnergy in December 2011. 2013 entryplans include Paris Charles de Gaulle, ParisOrly, Zurich, Moscow Domodedova,

Moscow Sheremetyevo, Vienna, andGeneva airports.

How we do itOne of the worlds largest bulk traders of jetfuel, Vitol has long been a major participantin trading markets, with signi cant supplycontracts with all the major export re ners,including in the Middle East, Europe andthe Far East. Our security of supply isunderpinned by system controls and fullyaudited product quality practices whichmeet and exceed the stringent globalspeci cations and joint industry guidelinesfor managing and handling jet fuel,coupled with an understanding of thedynamics that in uence jet fuel prices and

What we doThe Vitol Aviation brand was established toprovide both bulk or into-wing jet fuelsupply to a broad customer base, sharingthe bene ts of Vitols global supply chaine ciencies and jet fuel handling expertise.A long-term value o ering of both bulk andinto-wing jet fuel supply to commercial

airlines and military customers.

Where we do itVitol Aviation supplies more than 1mtonnes per year into-plane at the USlocations of Los Angeles, San Francisco,Honolulu, Las Vegas, San Diego, Orlando(MCO and SFB), Melbourne, Gainesville, Jacksonville, Daytona Beach and Ontarioairports. We also market volumes to airlinecustomers via the Colonial pipeline systemand supply ex-pipe to airports in Phoenixand New York. In Europe, we supply bulkand into-wing at Frankfurt, Munich,Brussels, Amsterdam, Luxembourg, Liege,Barcelona, Madrid, Palma de Mallorca,Manchester, Stansted and London

Heathrow airports.

TONNES OF JET FUEL SOLD INTO PLANE IN USA

1m+

TONNES OF JET FUEL SOLD IN EUROPE

1.6m

TONNES OF STORED JET FUEL

IN EUROPEAN BASIN

1m

Rapid, focused and sustainable growtharound the world is the hallmark of thisdynamic and successful business.

close linkage with our trading business.This, supported by an unwaveringcommitment to becoming a signi cantlong-term participant in the wholesale andretail jet markets, gives us a rm yetdynamic global base on which to continueto build this fast growing enterprise.

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Vitol Aviations entry

into the Heathrow(LHR) market makes usthe rst new into-wing

jet fuel supplier andmarketer since 1987at the worlds busiestinternational airport.

V O V O V SAT LONDON HEATHROW

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We have made signi cant long-termcommitments and infrastructureinvestments to make this possible andLHR is now a key hub for Vitol Aviationsrapidly expanding global network ofairports and aviation refuellingbusiness. We are succeeding becausewe have proven logistics ability, thehighest quality fuel handling processesand expertise, the liquidity to investand the depth of resources to ensurecontinuity and robustness of supply.

Our entry to LHR supported a new

into-wing refuelling company operatedby Swissport, whose credentials as aglobally recognized and respectedinto-wing refuelling and groundhandling company make them theideal partner for Vitol Aviation as weactively grow our global business.

Today, we supply around 2.5 milliontonnes of jet fuel into-wing across 44airports. By the end of 2013 we aim toprovide supply at more than 60 airportsaround the world. In 5 years time, wefully expect to have quadrupled the sizeof our operations and are con dent ofsupplying up to 10 million tonnesinto-plane across a network of over150 airports.

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Where we do itBased in Hamburg, Vitol Germany bringsproducts into ARA tankage and suppliesbunker fuel and gas oil by barge in the portareas around Hamburg, Bremerhaven andWeser. Our new bunkering operationmeans we can now provide fuel directly toshipping customers. With our 75%ownership of the Varo Energy re nery atCressier, we are also able to supplyproducts by rail from Switzerland to

Germany, ensuring security of supply on ayear-round basis.

What we doVitol Germany GmbH stores, distributesand markets seaborne middle distillates,primarily supplied from Latvia and Russia,through our own network into markets inNorthern Germany.

TONNES OF OIL PRODUCT - OUR 2016 TARGET

1m

The ability to combine and coordinatetrading, terminals, refning, storage andmarketing capabilities underpins a

strong and growing presence in thesekey regional markets.How we do itReliability, continuity of supply and theability to meet demand regardless ofweather conditions are the hallmarks ofVitol Germanys operation. We have theexibility and resourcefulness to act fast,access to signi cant and growing storagecapacity, and a highly experienced team.By 2016, we expect to be distributing up toone million tonnes of product per year.

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Where we do itVivo Energy is currently incorporated on anational basis in 14 countries - Madagascar,Burkina Faso, Cape Verde, Cote dIvoire,Guinea, Mali, Mauritius, Morocco, Senegal,Tunisia, Botswana, Namibia, Kenya andUganda - but with more to come as we areactively engaged in adding countries tothis portfolio. We operate 1.2 million cbm ofstorage and 1,300 retail sites, employ 2,500people, market over 7 billion litres of Shellfuel every year and provide quality Shellfuels and lubricants to our customersacross much of Africa.

What we doVivo Energy is the new company behindthe Shell brand in Africa. We are here todistribute and market Shells world-classfuels and lubricants to a growingpan-African customer base. By deliveringthe highest standards of safety, supplyreliability, technical expertise and customerservice, over time we will achieve our goalof becoming the most respected energycompany in Africa.

A joint venture between Vitol (40%), HeliosInvestment Partners (40%) and Shell (20%),

Vivo Energy represents a uniquecombination of resources, experience andexpertise. Vivo Energy has a long-termcommitment to the countries in which weoperate and their social, environmentaland economic success.

RETAIL SITES IN 14 COUNTRIES

1,300

EMPLOYEES2,500

The new company behind the Shell brand inAfrica, distributing and marketing Shellsworld-class fuels and lubricants to a growing

pan-African customer base.How we do itCombining the strength and pro le of theShell Brand with a exible, dynamic andentrepreneurial business style gives us aunique competitive advantage in the fastgrowing African markets.

We are ambitious, responsible andsafety-oriented in everything we do. Ouraim of doubling the size of the businesswithin the next ve years is eminentlyachievable because we have a very clearand direct business vision: to focus, tosimplify and to perform.

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Where we do itIn addition to re ning, storage and pipelineassets in Switzerland, Varo Energy bene tsfrom the regional and worldwide logisticsexpertise of the Vitol Group, including VitolGermany and VTTI. Consequently, we areable to store and supply products to theSwiss market via ARA tankage and theRhine, import directly through the globalVitol network, nd new and growingmarkets for Cressiers fuel oil and supportCressiers inland reach with VTTIscoastal presence.

What we doFormed as a joint venture between Vitol(75%) and AtlasInvest (25%), Varo Energynow operates the Cressier re nery inCressier, Switzerland, runs allCressier-related marketing and logisticsactivity in Switzerland and has created theVaro Energy Tank Storage company. Theseassets, together with Oloduc du JuraNeuchtelois S.A. and Socit Franaise duPipeline du Jura, were purchased fromPetroplus in June, 2012.

Varo Energys Cressier site is an integratedatmospheric-vacuum distillation,visbreaking and thermal-cracking re nerywith a throughput of 68,000 barrels per

day. It is one of only two re neries inSwitzerland and supplies around 25%, byvolume, of all light and middle distillatessold nationally.

A fully integrated combination of supplyexibility, high quality kit and excellent linksinto a growing wholesale market.

How we do itIn combination with Vitol and VTTI, VaroEnergy bene ts from a broader and largerslate of crude oils and a wider network tond new markets for Cressier products.We have an experienced, motivated andexpert management team and we havethe tools and systems in place to manageoperational and nancial risk e ectivelyin any scenario. Varo Energy will growby increasing local market share and,over time, may even invest in otherEuropean re ning, marketing andlogistics businesses.

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Vitol has been building its upstream oil and gas business for20 years. Today, we have a diversi ed portfolio of exploration,appraisal, development and production assets in the FormerSoviet Union (FSU) and West Africa.

UPSTREAM

Currently our operated production isaround 10,000 barrels of oil equivalentper day and our proved plus probable (2P)reserves and discovered resources arein excess of 340 million barrels of oilequivalent (net).

Although we already hold a large portfolioof discovered but undeveloped oil andgas resources and a material explorationinventory, we are continuously seekingother growth opportunities both withinour current core areas of West Africaand the FSU and more broadly inAfrica and elsewhere.

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Business contextAs demand for oil and gas rises, largely

driven by economic growth in thedeveloped world and the rapid maturing ofemerging markets, so the challengesfacing the upstream industry becomemore complex.

Geographical proximity means that theFSU states are increasingly meeting therising demands of European consumers.Today, the FSU region holds 40% of theworlds proven reserves of crude oil outsideof OPEC.

In our other major focus area, Africa, wherearound 10% of the worlds oil is produced,vast tracts of acreage remain under orunexplored both onshore and o shore.Oil and gas activity is accelerating acrossthe region.

Vitol through Arawak Energy and VitolE&P has the right people on the ground,in the right place, at the right time. We areideally positioned and resourced to makethe most of these new opportunities with

original thinking and decisive action.

Where we do itOur assets in the FSU are managed by

Vitols subsidiary, Arawak Energy, whichprovides all of our production today, is anestablished and trusted operator ofonshore elds in Russia, Kazakhstan andAzerbaijan, and has recently acquired a40% stake in 16 licences in Ukraine. Ourother upstream unit, Vitol Exploration andProduction (Vitol E&P), focuses today ono shore exploration and development inWest Africa, including Ghana, Cameroonand the Ivory Coast.

Our peopleOur upstream teams succeed because weemploy dynamic people with the ability tospot opportunities and bring innovation tobear in solving tough problems.

PRODUCTION, DEVELOPMENT AND

EXPLORATION ASSETS IN FSU

AND WEST AFRICA

15

200m boeOF RESERVES AND DISCOVERED

BUT UNDEVELOPED RESOURCES

IN THE PORTFOLIO TODAY

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VITOL POWERS THEINDUSTRIALIZATION OF GHANA


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Vitols E&P operations

in West Africa haveresulted in substantialgas discoveries which

are destined to helpdeliver a sustainablefuture to the economy

and people of Ghana.

INDUSTRIALIZATION OF GHANA

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Vitol, in partnership with ENI and theGhana National Petroleum Company, iscreating a major infrastructure projectthat will ultimately see thedevelopment of sub-sea wells, o shoreplatforms, pipelines and a gasprocessing plant as well as storage andexport facilities.

This high pro le project will result in thesupply of gas to power stations that arecurrently oil- red and to other industrial

gas users.

The bene ts of this major new energyhub include a reliable, constant sourceof energy, the impetus to initiate newGhanaian industries with the provisionof cleaner energy at lower costs. Thiswill create new employment

opportunities for Ghanaians in thebuilding and operation of this energyproject and also facilitate thedevelopment of new communityinitiatives around the project.

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THE VITOL FOUNDATION

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The qualities that make us a responsive, dynamic globalbusiness also enable us to support long-term communitydevelopment projects and emergency humanitarianresponse e orts around the world. We have the contactsand network to help us identify need and we have theexibility, resources and reach to make a di erence whereit matters most - in communities inhibited by persistentpoverty or overwhelmed by the consequencesof natural disasters or con ict.

THE VITOL FOUNDATION

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200THE NUMBER OF CHARITIESWE WORK WITH WORLDWIDE

The Vitol Foundation was established in2006 by the Vitol Group to support projectsthat promote better living conditions fordeprived children around the world.We fund a wide and growing range ofinitiatives focused on the needs of youngpeople and families, children withoutparental care and young people livingwith disabilities across the developingworld. These projects aim to helpmarginalized groups and communitiesaccess education, healthcare, improvedwater and sanitation and to achieveeconomic resilience by securingsustainable livelihoods.

In addition to these longer-term projects,we also support emergency responsee orts to help alleviate humanitariandisasters. Our unique ability to release andallocate funds with immediate e ectresulted in Save the Children awarding theVitol Foundation their CorporateEmergency Partner of the Year Awardin 2011.

Today, we work with 200 charitiesworldwide and each year we fund over 250projects in over 60 countries. We liaise withexpert individuals and organizationsaround the world, and our involvementextends from hands-on volunteering forour employees to in uencing key decisionmakers at government level.

Whether we are supporting projects toimprove health, water and sanitation,education or livelihoods; promotingenvironmental protection; organizing stainvolvement or acting quickly anddecisively to help deal with emergencies,we take great care to ensure that ouractions and funding empower localcommunities and promote sustainablesolutions to poverty reduction.

250+THE NUMBER OF PROJECTS WE FUNDEACH YEAR IN OVER 60 COUNTRIES

Photograph (Page 75): Afrikids, Ghana

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