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Global energy trader Vitol Group has set up a new U.S. venture to produce oil and gas called Vencer Energy, its first foray into the upstream business in the United States. Vitol, is the world’s biggest independent oil trader, involved in trading 8 million barrels per day of crude and refined products. Vitol already has some upstream oil operations, producing about 32,000 barrels per day, but none in the United States.
Vitol signed a contract with H-Line and agreed on the execution of a 10-year time charter agreement with a latest LNG carrier. It is a 174 000 m3 vessel which has XDF propulsion and is due for delivery in late 2021. Vitol's LNG head said, "This allows us to optimise our LNG portfolio that includes increasing FOB volumes from different areas that we are actively marketing to our global clients”.
Houston based Cheniere Energy has entered into a 15-year agreement with one of the world’s largest oil trader, Vitol Inc. Under the scope of this agreement, Cheniere will supply 700,000 tonnes of LNG to Vitol every year starting from 2018. Cheniere's Sabine Pass terminal in Louisiana increased its output and helped the United States come out as the major LNG exporter in the last two years.