VITOL had another busy year, with much activity in the shipping division headed by Christopher 'Kit' Kernon, who holds a degree in naval architecture from Newcastle University and has more than 20 years’ experience in the industry.

In March, Vitol said it traded 7.4m bpd of crude and refined products in 2018, up slightly from levels just over 7m in 2017. However, it warned that oil demand will peak within 15 years and the shipping industry must prepare for a shift towards cleaner fuels. 

Much of the company's year has been spent developing its shift toward cleaner fuels.

Vitol and Korea Midland Power Co Ltd announced in February the signing of a memorandum of understanding to explore upstream, midstream and downstream project opportunities in liquefied natural gas. 

In March, Vitol agreed to acquire a further 50% of VALT, the bitumen joint venture it established with Sargeant Marine in 2016. On completion, VALT, with 11 specialised vessels, will be 100% owned by Vitol.

In April, Russia's Novatek Gas and Power Asia Pte Ltd signed a heads of agreement with Vitol for a 15-year contract to supply 1m tonnes of LNG a year from Arctic LNG 2 and other Novatek projects.

Vitol said in June that it started building a 30,000 bpd oil refinery at its storage terminal at Tanjung Bin in Malaysia. The project, due to be completed in May 2020, will produce low-sulphur fuel for ships.

In September, Vitol and H-Line Shipping announced the execution of a 10-year time charter agreement for a newbuild 174,000 cu m LNG carrier with XDF propulsion. Korea’s Hyundai Samho Heavy Industries will deliver the vessel in late 2021. 

Vitol also holds extension options and the ability to exercise additional LNG carriers to support its further growth in the LNG industry through this partnership with H-Line.

Mr Kernon also appeared in the Top 100 in 2018.