Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Vitol to spend half of its capex on low-carbon, renewables -CEO

by Uma
0 comment
2023 10 17T115508Z 2 LYNXMPEJ9G0KY RTROPTP 4 MEXICO PEMEX VITOL

Vitol to spend half of its capex on low-carbon, renewables -CEO

LONDON (Reuters) – The world’s top independent energy trader Vitol will invest around half of its $2 billion capital expenditure on low-carbon and renewables, its CEO Russel Hardy said on Tuesday.

“We’ve got a fair amount of capex going into the renewables and power business. Half of the company’s capex, which is $2 bln so about $1 bln, is going into renewable business,” Hardy told the Energy Intelligence Forum.

Hardy said he expects benchmark Brent crude oil prices to remain in the range of $80 to $90 a barrel over the next 12 months as volatility in the market remains high and demand continues to grow, particularly from China.

Brent traded at around $90 a barrel on Tuesday. [O/R]

The two other speakers on the panel – the CEO of trading house Gunvor, Torbjörn Törnqvist, and the head of oil trading at Trafigura, Ben Luckock – missed the event after climate protestors blocked the entrance to the conference.

 

(Reporting by Ron Bousso and Shadia Nasralla, Editing by Louise Heavens)