"Energy trader Vitol records $15bn profit in 2022"

" Energy trader Vitol records $15bn profit in 2022 \r\n\r\nPrivately held commodity major Vitol has raked in close to $15 billion in profits for 2022 amid the energy crisis that struck Europe and spread around the globe last year.\r\n\r\nThis is what Bloomberg\u2019s Javier Blas\u00a0 tweeted \u00a0today, quoting unnamed people in the know. The Financial Times had\u00a0 reported the same figure earlier, also citing unnamed sources familiar with the company\u2019s financial performance.\r\n \r\n \r\n <iframe id=\"google_ads_iframe_\/15184186,36736787\/oilprice_medrec_atf_0\" tabindex=\"0\" title=\"3rd party ad content\" role=\"region\" src=\"https:\/\/51df3031b64bfe3d2274d17d53bb4202.safeframe.googlesyndication.com\/safeframe\/1-0-40\/html\/container.html\" name=\"\" width=\"300\" height=\"250\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" sandbox=\"allow-forms allow-popups allow-popups-to-escape-sandbox allow-same-origin allow-scripts allow-top-navigation-by-user-activation\" data-is-safeframe=\"true\" aria-label=\"Advertisement\" data-google-container-id=\"3\" data-load-complete=\"true\" data-mce-fragment=\"1\"> \r\n \r\n \r\nThe FT report noted that the 2022 profit figure was equal to Vitol\u2019s combined annual earnings for the previous six years. Bloomberg\u2019s Blas noted the 2022 earnings figure was three times higher than Vitol\u2019s previous record, booked for 2021.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\nVitol also did a lot better than its commodity trading peers, even though their 2022 results were also at record highs. The company attributed the strong performance to soaring prices in electricity markets, its power generation business, oil refining, and LNG trading.\r\n\r\nVitol said earlier this month that its turnover for 2022 had doubled from the previous year to reach $505 billion.\r\n\r\nThe news that a commodity trader had made such a massive profit immediately led to a reaction from political circles. The leader of the UK\u2019s Liberal Democrats, Ed Davey, called for the extension of a windfall tax for the energy industry to commodity traders, the FT reported.\r\n\r\n\u201cIt is simply not right for companies to make enormous profits out of the misery caused by Putin\u2019s invasion of Ukraine,\u201d Davey said.\r\n\r\nMeanwhile, Vitol\u2019s chief executive Russel Hardy said at an FT event that the commodity trader will be reinvesting a lot of its record profits in capex projects aimed at strengthening energy supply. Normally, Vitol distributes most of its profit among its owners.\r\n \r\n\r\nADVERTISEMENT\r\n \r\n <iframe id=\"google_ads_iframe_\/15184186,36736787\/oilprice_medrec_incontent_2_0\" tabindex=\"0\" title=\"3rd party ad content\" role=\"region\" src=\"https:\/\/51df3031b64bfe3d2274d17d53bb4202.safeframe.googlesyndication.com\/safeframe\/1-0-40\/html\/container.html\" name=\"\" width=\"336\" height=\"280\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" sandbox=\"allow-forms allow-popups allow-popups-to-escape-sandbox allow-same-origin allow-scripts allow-top-navigation-by-user-activation\" data-is-safeframe=\"true\" aria-label=\"Advertisement\" data-google-container-id=\"4\" data-load-complete=\"true\" data-mce-fragment=\"1\"> \r\n \r\n \r\nHardy also said that this year was unlikely to bring a repeat of Vitol\u2019s 2022 performance, noting that \u201cit\u2019s a much more conservative market going forward, so our strategy and approach has to reflect that\u201d."

"Energy trader Vitol records $15bn profit in 2022"

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