---

Vitol, the world's biggest oil trader, has announced that revenues and traded volumes of crude and oil products increased in 2013 in comparison with the previous year.

Revenues were up by $4 billion, or 1.3 percent, in 2013 to $307 billion, up from $303 billion in 2012.

Total traded volumes of crude and oil products rose by 15 million tonnes, or 5.7 percent, to 276 million tonnes, up from 261 million tonnes during the previous 12-month period.

Commenting on the results, Ian Taylor, President & CEO said: "2013 was a very challenging year for many in the physical energy distribution business. Markets remained extremely competitive with new entrants increasing margin pressure on certain regional activity. While these market conditions aren't expected to change overnight, changing supply and demand balances are generating some new opportunities.

"The withdrawal of some investment banks from commodity related actives has reduced liquidity in markets such as power, but created longer term opportunities and our footprint in both the US and Europe is growing.

"Globally, we are using expertise from across the Group to develop complete and integrated solutions, from financing through to build and supply for our clients. One such example is in the U.S. Virgin Islands, where we are working with the Water and Power Authority to deliver an end-to-end LPG solution that will reduce their power costs by an estimated 30%.

"At the same time, we continue to see investment opportunities in the mid and downstream as the majors focus their activities upstream. Our investment in Vivo, which operates the Shell branded business across 15 countries in Africa, continues to perform well and we are excited by the prospect of Shell Australia, which we hope to complete later this year.

"Finally, I would like to thank our clients and partners for their continued support. We look forward to working with them in the coming year and beyond."

Vitol's bunker portfolio

Vitol Group purchased a 50 percent interest in bunker firm Cockett Marine Oil (Cockett) from logistics and shipping business Grindrod Ltd. in March 2012. The Cockett deal followed the finalization of an agreement in January 2012 in which Vitol acquired from Grindrod a 35 percent interest in the company which owns the Maputo coal terminal concession. In addition, Vitol and Grindrod announced their intention to combine their respective Sub-Saharan coal trading businesses (65 percent Vitol / 35 percent Grindrod).

In March 2013, Cockett's physical bunker supply operation was renamed V-Marine Fuels. As a result, the physical activities of Associated Bunkeroil Contractors (ABC) and Cockett Marine Oil Supplies Ltd. (CMOS) were absorbed into this new division.

Later that year - in June - Vitol's physical bunker supply locations were also marketed as part of the V-Marine Fuels portfolio. As a result, Vitol’s physical bunker supply operations in the ports of Singapore, Tanjung Pelapas (Malaysia), Fujairah and Khor Fakkan (UAE), all German ports with hubs in Hamburg and Bremerhaven (Germany) and Canaveral, Miami (USA) were added to V-Marine Fuels' physical supply locations in the Thames, English Channel and Northern France (UK & Northern France), Amsterdam, Rotterdam, Antwerp & Zeebrugge (Netherlands & Belgium) and Houston (USA).