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VITOL Contents

Vitol at a glance 04 Iron ore 30

A partner for the long-term 06 Alumina 31

Operating globally 08 Our companies 32

Trading portfolio 10 Vivo Energy 34

Crude oil 12 Viva Energy Australia 36

Middle distillates 14 Varo Energy 38

Gasoline 15 VTTI 40

Naphtha 16 Vitol Aviation 42

Liquid petroleum gases (LPG) 17 VALT 43

Fuel oil 18 Blueknight 44

Asphalt 20 Ventspils nafta Group 45

Methanol 21 Cockett Marine Oil 46

Ethanol 22 VPI Immingham 47

Liqueﬁ ed natural gas (LNG) 23 Exploration & production 48

Natural gas 24 Vitol Foundation 50

Power 26 Our worldwide capabilities 52

Coal 28

VITOL

Vitol is at the heart of the world’s For 50 years Vitol has served the energy fl ows. Every day we use world’s energy markets; trading over our expertise and logistical six million barrels of crude oil and networks to distribute energy products a day and delivering energy around the world, effi ciently products to countries worldwide. and responsibly. Our customers include national oil companies, multinationals, leading industrial and chemical companies and the world’s largest airlines. We deliver the products they need on time and to specifi cation, by sourcing and managing the movement of energy through the relevant infrastructures.

Responsibility Handling energy products is a heavy responsibility and one we take very seriously. All our assets operate to high international HSE standards and we expect the same of our partners throughout the energy chain. VITOL

VITOL Vitol at a glance

Trading, logistics and Refi ning Terminals, storage and distribution We are invested in fi ve refi neries infrastructure The core of our business is worldwide and have a total refi ning Our 18.1 million cubic metres of the distribution of energy. The capacity of 390,000 barrels per owned storage capacity, in addition combination of our expertise and day. Furthermore, we supply 3.4 to our leased capacity worldwide, our presence in markets globally million barrels per day of crude oil enables us to store and blend enables us to identify optimal and feedstocks to refi ners globally, bespoke combinations. Customers solutions for our clients. using our extensive networks and benefi t from optimised feedstock expertise to identify optimal supply. and products, as well as fl exibility Our business is built upon long- and choice. standing relationships with producers, refi ners and industrial customers.

200 vessels 3.4m bpd 18.1m m3 transporting our cargoes supplied to reﬁ ners worldwide of storage across six continents at sea at any one time VITOL

Marketing and downstream Exploration and production Investing strategically We have an expanding downstream Our highly experienced exploration and We have a growing portfolio presence which continues to grow production (E&P) team works closely of strategic energy assets that both organically and through strategic alongside the rest of the business, complement the broader business. acquisitions. It comprises over 2,300 providing advice and technical We focus on quality assets and have Shell branded service stations in expertise to initiatives involving energy a long history of investing signiﬁ cant Africa and Australia, as well as 5.7 reserves or similar assets. sums to upgrade and improve the million tonnes of jet fuel into wing at assets’ performance. 60 airports worldwide and a growing In addition, we are working with the B2B business. World Bank, Eni and GNPC on the development of the Sankofa gas ﬁ elds. Part of the largest foreign direct investment in Ghana since independence, the project will provide enough gas to power Ghana’s thermal power sector until 2036.

5.7m 20+ 1,240 mw tonnes of jet fuel into wing years’ experience VPI Immingham – capable of at 60 airports worldwide generating 1,240 mw per hour

VITOL A partner for the long-term

Market leader A strong, stable fi nancial Proven partner We are the largest independent and ownership model We work collaboratively with our trader of energy, trading over six Our unique ownership model enables customers and partners to identify million barrels a day of crude oil us to take a long-term outlook and implement optimal solutions. and products. This market-leading and incentivises us to take a very We invest in long-term partnerships position is underpinned by our measured approach to risk. This, and understand that the commercial fi nancial and technical expertise and coupled with our strong liquidity context can vary over time. a long-held reputation for reliability and risk management discipline, and quality. has resulted in a strong and stable fi nancial base. VITOL

A local presence, globally Risk management Responsible operations Our customers and their requirements We take a measured and We appreciate the risks involved are as diverse as the world in which conservative approach to our risk in our sector and take our we live. Our colleagues comprise management. We have expertise responsibilities extremely seriously. over 60 nationalities located in over in the use of exchange-traded and We seek to conduct our business 40 ofﬁ ces worldwide. OTC derivatives which we utilise to in line with the ten principles of minimise price risk on the physical the UN Global Compact and to commodities and the energy work with partners who share our we supply. commitment to high international standards of operation.

VITOL Operating globally

The Americas Europe supply Europe’s power sector and Vitol has a long-established From a number of key locations are actively involved in regional LNG, presence across the Americas. around Europe, our European gas and power markets. From our main offi ce in Houston, operations work closely with offi ces we manage trade fl ows within and worldwide, supplying crude and Middle East to and from the continent, using our products to European refi neries, With a history of working closely with extensive network of storage and industrials and retail networks. national oil companies (NOCs) across infrastructure to optimise the fl ow of As well as a signifi cant physical the region, Vitol also has the only crude oil and petroleum products. presence in key energy hubs within independent, long-standing refi nery in We are also a major participant in the region, we are invested in three Fujairah. We serve both regional and other key markets, including power European refi neries and a diverse long haul markets, including Africa, and gas. portfolio of storage assets. We also and our global network enables VITOL

us to help balance Middle Eastern investing in infrastructure and have a customers across the region. Our incremental production across the growing downstream platform, with global trading network enables us regional refi ning system. more than 1,600 service stations to source the optimal feedstocks and over one million cubic metres of for the region’s refi ners, serve the Africa storage across 16 countries in Africa, needs of industrial companies We have a growing footprint in as well as a unique gas-to-power and ensure the timely delivery of Africa. We work closely with NOCs project in Ghana, in collaboration with petroleum products to growing across the continent to help them Eni, the World Bank and GNPC. consumer markets. We are also optimise the value of their crude oil invested in the Geelong refi nery and and to provide an effi cient and reliable Asia Pacifi c the second largest downstream supply of key products to these From our network of offi ces, business in Australia, with over growing markets. In addition, we are we serve the energy needs of 900 service stations. Trading portfolio TRADING

We sit at the heart of global With over 40 offi ces worldwide and In all our physical operations energy fl ows, moving energy a network of teams globally, we we seek to work with partners and bulk materials from source understand that every market which share our commitment to customer as quickly, is different. We work with our to high international standards responsibly and cost-effectively customers to identify and develop of operation. The infrastructure 10 as possible. solutions which work best for them, upon which we rely, from ships to helping them manage physical jetties and storage, is subject to Our business is founded on the risk and optimise opportunities. our due diligence processes. long-term relationships we’ve built with our customers, on our Our trading presence is underpinned expertise, market understanding by a complementary infrastructure: and reputation for reliably refi ning, storage, distribution delivering the required and a marketing network across products, on time and six continents. on specifi cation. TRADING

303m tonnes of crude and 200+ 6,629 products traded in 2015 vessels at sea at any one time ship journeys undertaken in 2015 Crude oil TRADING

Our crude trading business has We transact in over 100 different Partnering with producers long-standing relationships with grades of crude oil in locations Our market-leading team combines producers and refi ners in every spread around the globe. We are both specialist knowledge with global part of the world. We help the active in all major centres where expertise. Over many years we have former to effectively market and crude is produced, refi ned and established long-term relationships 12 distribute their daily production, traded, enabling our customers to with national oil companies, oil and the latter to secure a benefi t from critical intelligence and majors and independent producers. reliable and consistent supply access to the most appropriate We use our expertise in managing of the right quality crude at the market. As a physical trader, we transportation via pipeline, barge, right time. can deliver crude anywhere our train, truck and all sizes of vessel customers require. We are one of to effi ciently and reliably transport the world’s largest spot charterers of crude to refi ners worldwide. crude vessels and have a dedicated fl eet of crude vessels of various sizes When appropriate, our traders work as well as access to storage on land alongside our fi nance and E&P teams around the world. to develop commercial structures which allow us to fi nance producers’ operations in return for offtake. TRADING

Working with refi ners The Americas We have a highly experienced Atlantic Today, we supply over 3.4 million With a Pan-American presence, we Basin team which works across barrels per day of crude oil and are involved in all major markets from Africa, the Mediterranean and the feedstocks to the refi ning industry Canada to Latin America. North Sea. globally. We take the time to 13 understand the specifi c requirements Across the continent, we have Baltic and preferences of refi ners worldwide access to proprietary and leased In the Baltic, we are among the and have a long track record of energy infrastructure, from tanks to largest exporters of Urals crude and consistently and reliably sourcing railcars and pipelines, which enables a major trader of North Sea crude, the right feedstock to meet our us to source and transport crudes to supplying refi neries across North customers’ needs at the right time. market from production locations to West Europe. major market hubs. We currently have an ownership Africa stake in fi ve refi neries across three The growth in domestic US oil We have a long history of working continents with a total refi ning production has signifi cantly impacted with governments and national oil capacity of 390,000 barrels per day. US crude oil markets in recent times. companies and are active across the Our team has been at the forefront African continent from Egypt to South of these changes, anticipating the Africa, with a particular focus on parts evolution of fl ows and supporting the of West Africa. West African crude market’s development. This enabled is a global arbitrage barrel which us to be the fi rst to export crude we transport to multiple markets from the US after the lifting of the US in both the Eastern and Southern export ban. hemisphere.

Europe & the Atlantic Basin Asia Atlantic Basin crude fl ows have been Our activities in the Eastern particularly affected by the rise in hemisphere are broad, from shipping US production which has displaced sour crude in the Arabian Gulf to crude from West Africa and Latin delivering sweet crude to our refi nery America. We have led in fi nding new in Australia, and delivering Russian markets for the displaced crude in crude to various customers in locations around the world. North Asia.

390,000 bpd Today we have a reﬁ ning capacity of 390,000 barrels per day, across three continents Middle distillates TRADING

For well over four decades Middle distillates markets, which In addition, precise and location- we have been physically include product grades such as jet specifi c product quality specifi cations involved in the global middle fuel, kerosene, gasoil and diesel, require robust and specialist teams distillates markets. are subject to global structural across each product grade with imbalances in supply and demand. the expertise to ensure that the 14 appropriate products are delivered In this context, expert knowledge and effi ciently in the quantity, quality and the ability to manage and develop timing required. supply chains, with the inherent fl exibility to respond promptly to changes in supply and demand balances, is critical.

5.7m tonnes We supply 5.7 million tonnes of jet fuel into wing a year, to over 60 airports, across four continents Gasoline TRADING

We supply customers We work with refi ners, state-owned worldwide with the oil companies, marketers and specifi cation appropriate distributers across the globe. We for their jurisdiction. We are a signifi cant and long-standing have a range of logistical supplier to the world’s biggest 15 assets from gasoline tankers gasoline market, the US, while also to a network of owned or operating in a growing number leased storage capacity of markets across Asia, Africa in strategic locations, and South America. 650,000 barrels enabling our customers to We trade over 650,000 barrels benefi t from operational of gasoline every day, more fl exibility. than twice the UK’s daily demand Naphtha TRADING

Naphtha liquids are a key Each year we supply our naphtha Our trading desks in Singapore, feedstock for gasoline and customers, which include reﬁ ners, Geneva and Houston operate are widely used within the petrochemical companies and other globally. We lift product from all petrochemical and industrials, with around 27 million producing regions including the chemical industries. tonnes of product. Middle East, India, Russia and Africa, 16 and supply petrochemical companies in Far East Asia, Europe and North and South America.

These operations are underpinned by an extensive network of storage and shipping assets, as well as our expertise.

27m We trade and move 27 million tonnes of naphtha globally each year Liquid petroleum gases (LPG) TRADING

We are a long-term participant We offer our customers a complete, In addition, we are working with in the global LPG market, end-to-end service. We operate customers to develop and deliver having launched our operation a large fl eet of purpose-built LPG LPG to power generating solutions in 1977. Today, we trade 10 tankers, comprising 17 dedicated in markets worldwide. million tonnes of LPG annually, modern pressurized LPG vessels, 17 enabling refi ners to market a and have fi ve handysize vessels product they might once have and one very large gas carrier fl ared and providing a reliable, (VLGC) on time charter. We have competitively priced supply also invested substantially in LPG line to fuel distributors and infrastructure, including terminals utility companies. and storage facilities.

An established presence, trading LPG since 1977 Fuel oil TRADING

We are an established fuel oil Every month we ship approximately trader, with storage facilities - 3.5 million tonnes of product, around both owned and leased - in half of which is used by reﬁ neries strategic locations including as feedstock. Rotterdam, Fujairah (UAE), 18 Singapore and the Caribbean. We are increasingly serving the marine fuel bunkering market through long-term partnerships with ﬂ eet owners, distributors and bunkering companies, as well as our investment in Cockett Marine Oil, one of the world’s largest resellers of bunker fuel.

We add value for our fuel oil customers in numerous ways, such as deploying in-house blending capabilities to ensure we meet the requirements of ﬂ eet owners and reﬁ ners. We also use our expertise and market reach to help sellers optimise the value of their streams. TRADING

19 Asphalt TRADING

We have an expanding Through our joint venture Valt Asphalt Three of the reﬁ neries in which we presence in asphalt and we supply customers worldwide, are invested, in Antwerp, Belgium, are involved both as a using the largest specialist asphalt Vohburg and Neustadt, Germany manufacturer and supplier. ﬂ eet of vessels in the world. and Geelong, Australia, manufacture bitumen. 20

As well as our own production, we work with reﬁ ners around the world to source the required grade of bitumen for our customers. (For more information see page 43).

16 dedicated asphalt vessels Methanol TRADING

We have been a major Today we serve customers worldwide Our global network not only participant in the global from our hubs in Bahrain, Beijing, ensures security of supply but, methanol market since 1989. Houston, London, Rotterdam and when combined with our logistical Singapore, managing long-term expertise and capabilities, including supply and offtake relationships with our strategically located storage 21 producers and consumers. capacity, enables us to serve a wide range of users with differing requirements. Ethanol TRADING

Ethanol has been part of our Our US ethanol business has a trading portfolio since 2001. presence in New York, Chicago, In that time we have seen Houston, San Francisco and Los global supply and demand Angeles. We offer ethanol storage, grow exponentially. supply and distribution in each of 22 these key markets. For both fuel and industrial ethanol, our growing presence across Europe and Asia enables us to offer a unique service to supply customers around the world. In addition, we have acquired renewable 85% fuel blending capability in Europe, the of the world’s fuel ethanol production Middle East, Africa and Asia. comes from the US and Brazil Liqueﬁ ed natural gas (LNG) TRADING

We have been active within the We can offer spot, short or longer Our LNG business is fully integrated LNG sector since 2005, serving term sales. Our LNG team and within our global natural gas customers across ﬁ ve delivery networks are global. We use trading infrastructure, allowing us continents. We are the most a ﬂ eet of LNG ships on time charter to anticipate and adapt to market experienced independent and spot charter, plus physical gas movements, to absorb LNG cargoes 23 trader of LNG offering storage in six European countries in a short duration and to respond to customers unique expertise and access to major pipelines within our customers’ ever-evolving needs. in managing and scheduling the US and Canada. We also have physical gas movements, the capability to conduct ship-to-ship as well as bringing a LNG cargo transfers. comprehensive understanding of the worldwide LNG market.

An established LNG participant since 2005 Natural gas TRADING

We have been trading natural We work with producers, importers, gas for over 15 years. Our wholesalers, distributors and gas teams operate across industrial users, and supply gas continents - Europe, Asia and both as a pipeline product and in the Americas - in both pipeline liquefi ed form, under a variety of fi xed 24 product and LNG. and fl oating gas hub indexations, oil indexed formulae and other related commodity pricing structures.

We are happy to commit to long-term supply and sales contracts, plus we can respond swiftly and innovatively whenever our customers need us to.

Our natural gas business is part of an integrated cross-commodity solution that makes us an ideal partner for both producers and end users. TRADING

25 Power TRADING

We trade power across both In North America our expert team the European and US markets. has a presence across 11 regional hubs and interfaces with generators and load serving entities to complete the chain of delivery across the US 26 and Canada. We offer customers bespoke solutions and coverage of all trading areas. We have the capacity to manage complete portfolios and long tenors, as well as renewable and environmental products and solutions.

In Europe, we have a presence in more than 20 markets and trade over 80TWh a year. We also offer customers complete cross- commodity solutions, enabling them to manage feedstock and energy costs as well as optimising the value of product sales.

In 2013 we acquired VPI Immingham, a Combined Heat and Power (CHP) plant in the UK, one of the largest of its kind in Europe and capable of producing 2.5% of the UK’s electricity demand. (For further information on VPI see page 47). NORWAY ALBERTA ONTARIO DENMARK

NEPOOL North America UK NYISO NETHERLANDS BELGIUM POLAND GERMANY SPP MISO PJM FRANCE AUSTRIA Europe CAISO/WECC SWITZERLAND TRADING HUNGARY UKRAINE SERC SLOVENIA ERCOT CROATIA ROMANIA SERBIA ITALY SPAIN BULGARIA MEXICO

PORTUGAL GREECE TURKEY

27 Coal TRADING

We entered into the coal market With such a diverse supply base we in 2006 and today we deliver can meet any customer requirements more than 20 million tonnes in terms of speciﬁ c origins and each year to customers in Asia, grades, for both steam coal Europe, Australia and the and anthracite. 28 Americas. We trade, are involved in production and have Our logistics network uses a long-term supply contracts dedicated ﬂ eet of dry bulk vessels with mining companies in operated on time charter. We are the US, Indonesia, South investing in the development of port Africa and Russia. and loading facilities serving the key coal trading routes, most notably through our 35% shareholding in Matola Coal terminal in Maputo, Mozambique.

In addition, we have long-term capacity rights in several other port or terminal facilities.

2006 Operating in the coal market since 2006 WE DELIVERED OVER 20 MILLION TONNES OF COAL IN 2015 TRADING

RUSSIA CANADA

USA

MOZAMBIQUE INDONESIA

AUSTRALIA SOUTH AFRICA Iron ore TRADING

We have iron ore teams in We handle a large range of grades The business is founded on our core China, Europe and Singapore. and products: from 52% to 65% Fe skills of shipping and distribution In a market dominated by a (fi nes, lumps, SF, concentrates). and we seek to build long-term handful of large producing partnerships with miners and companies, we seek to deliver manufacturers worldwide. We work 30 value to our customers and with smaller producers who can enable quality execution benefi t most from our bespoke trade through fl exible and innovative structure as well as from a dry bulk trade structures. shipping fl eet that ranges in size from handysize to capesize. We also assist end user customers in sourcing a wide range of grades, including new ores which we have brought to market in recent years.

17 years is the average iron ore lifespan for steel before it is then recycled Alumina TRADING

We have many years’ Our logistical and ﬁ nancial experience in the alumina expertise enable us to work with and aluminium markets. all market participants, offering a range of ﬁ nancing and physical trading solutions. 31 Our companies

Our companies complement Across all our energy assets, our position at the heart of the we have a long history of world’s energy markets and investing to improve and facilitate the ﬂ ow of energy expand the businesses. In from, into and across key addition, we expect them to markets, globally. perform to high international HSE standards and will invest in order to help them achieve this. OUR COMPANIES

32 390,000 bpd reﬁ ning capacity

2,500+ outlets OUR COMPANIES 18.1m m3 of storage

33 Vivo Energy

Vivo Energy is the company Vivo Energy’s offering to both retail behind the Shell brand in Africa consumers and businesses is centred and is jointly owned by Vitol, on the assured quality of Shell Helios Investment Partners products, combined with reliable and Shell. continuity of supply and a deep understanding of their needs. As a major downstream company in Africa it sources, Vivo Energy’s vision is to create distributes, markets and Africa’s most respected energy supplies Shell’s world-class business. This is not an end in itself. fuels and lubricants to retail Rather it is the logical consequence OUR COMPANIES and commercial customers of doing things the right way, across the continent. realising the full potential of its people and partners, and creating a new Vivo Energy has a strong benchmark for quality, excellence, and growing presence in 16 safety and responsibility in Africa’s 34 countries across Africa, downstream sector. including an expanding footprint of over 1,650 service stations; which the company continues to develop, adding over 100 service stations each year.

TUNISIA

MOROCCO

MALI SENEGAL CAPE VERDE GUINEA BURKINA FASO

IVORY COAST GHANA

UGANDA

KENYA

MADAGASCAR MOZAMBIQUE

MAURITIUS NAMIBIA BOTSWANA OUR COMPANIES

35 Viva Energy Australia

Viva Energy Australia (Viva Viva Energy has more than 900 Energy) was formed following Shell branded service stations and the acquisition of Shell’s employs over 1,300 people. The retail downstream business network is evolving continuously, (excluding aviation and both through investment in existing lubricants production) in service stations and by expanding Australia in 2014. Viva Energy the footprint on the ground. is the exclusive licensee of the Shell brand in Australia and The network is supported by 20 fuel provides consumers and import and storage terminals and business customers with the Geelong Reﬁ nery, owned by OUR COMPANIES quality Shell products. Viva Energy.

The 120,000 barrels per day refi nery is one of the largest and most complex hydrocarbon refi neries in 36 Australia. It produces about half of Victoria’s fuel needs and is the only Australian refi nery that manufactures bitumen and avgas, which is used by piston engine planes. In addition, the refi nery produces solvents to support the Australian mining, paint, adhesive and other industries. OUR COMPANIES

37 Varo Energy

Varo Energy is an integrated Varo Energy owns and operates the downstream company, serving Cressier refi nery in Switzerland and North West Europe and a signifi cant share of the Bayernoil comprising the three core refi nery in Germany, one of Europe’s business areas of refi ning, largest and most modern refi neries. storage and logistics as well as distribution and sales. The fl ow of products is managed through Varo Energy’s network of 50 tank terminals across fi ve countries in North West Europe, and distributed to locations convenient for Varo OUR COMPANIES Energy’s customers.

Varo Energy will continue to grow by adding strategic assets in North West Europe. 38

168,000 barrels of combined reﬁ ning capacity OUR COMPANIES

Europe VTTI

Founded in 2006 by Vitol, VTTI’s terminals include state-of-the- today VTTI has over 8.7 million art greenfi eld terminals and existing cubic metres of storage terminals that have been modernised capacity, in 12 countries and to ensure they deliver to the across fi ve continents. demanding requirements of trading customers. From inception, the focus has been on creating quality, fl exible, effi cient and, above all, safe assets run by highly skilled people.

VTTI’s safety record is among the OUR COMPANIES highest in its sector, and it continues to develop and invest in new assets around the world, from Cyprus to Malaysia.

40 In 2014, VTTI Energy Partners, which comprises the more mature assets, was listed as a Master Limited Partnership (MLP) on the New York Stock Exchange.

Take a look at our terminal – Euro Tank Terminal (ETT) in Rotterdam, the Netherlands The fi rst phase of VTTI’s ETT Terminal in Rotterdam was completed in 2006. Today this ultra-modern terminal has 1,118,000 cubic metres of storage, with tanks able to handle a range of products from methanol to naphtha and jet fuel. Its deep draught means it can handle VLCCs and its connectivity to North West Europe through the NATO pipeline, rail and the Rhine, enables it to serve the energy needs of customers in the region – from the chemical plant next door, to airports as far inland as Zurich. This position in an energy hub location at the centre of energy trading in European markets calls for fl awless execution and a swift turnaround. The terminal has the capacity to throughput 14 million tonnes of product per annum - enough to completely fi ll and empty each tank twenty times a year. OUR COMPANIES

41 Vitol Aviation

Vitol Aviation is a leading We are focused on Europe, North Our proposition is founded on a provider of jet fuel worldwide. America and Africa and handle over commitment to delivering value We supply 5.7 million tonnes 13 million tonnes of jet fuel each year. to the end user and ensuring of jet fuel a year into wing, We supply the industry’s leading product quality. at over 60 airports across brands, from oil majors and national four continents. oil companies to the world’s largest We are an active member of airlines and military customers, as well global jet fuel product quality and as our own aviation division. handling forums. As the world’s largest handler of arbitrage jet fuel, we have unrivalled expertise in the management of the global jet fuel OUR COMPANIES supply chains and invest heavily in training, testing and infrastructure to ensure product quality and integrity.

13 million Vitol Aviation handles over 13 million tonnes of jet fuel each year VALT

Valt is a global leader in asphalt The company was formed in March Valt has hubs in Geneva, London, distribution, from trading, to 2016, by combining the expertise of Florida and Singapore and operates storage and transportation. the Vitol Group and Sargeant Marine, a ﬂ eet of 16 specialist vessels – one the market leader in asphalt. of the world’s largest ISO asphalt container ﬂ eets; capable of handling parcel sizes from 20 tonnes up to 44,000 tonnes. OUR COMPANIES

43 Blueknight

Blueknight Energy Partners is Blueknight owns and operates a Vitol initially acquired 100% of a publicly traded (NASDAQ: diversiﬁ ed portfolio of complementary Blueknight’s general partner in 2009 BKEP and BKEPP), midstream midstream energy assets consisting and since 2010 has owned 50% of energy Master Limited of 7.4 million barrels of crude oil Blueknight’s general partner. Partnership focused on storage capacity, in the region of providing integrated 985 miles of crude oil pipeline, terminalling, storage, approximately 250 crude oil transport processing, gathering and and oilﬁ eld services vehicles and 45 transportation services for asphalt product and residual fuel companies engaged in the oil storage terminals, which include production, distribution and around 8.2 million barrels of storage. OUR COMPANIES marketing of crude oil, asphalt and other petroleum products.

44 Ventspils nafta Group

Ventspils nafta Group It comprises three core businesses; Ventspils nafta Terminals (VNT) is an integrated energy a pipeline, a terminal and a shipping 105 tanks and 1.2 million cubic transportation company company. The group is well placed metres of storage make VNT based in Latvia. to serve the Baltic market in addition the largest petroleum terminal in to moving oil products from reﬁ neries the Baltics. in the Urals to global markets and beyond. Latvijas Kugnieciba OUR COMPANIES A major player in the handysize LatRosTrans and medium range tanker market A Latvian / Russian venture with with 16 modern vessels, owned, 340 kilometres of petroleum products manned and operated by the pipeline making it one of the largest company. Latvijas Kugnieciba is also oil product transportation companies listed on the Nasdaq OMX Baltic in the region. Stock Exchange.

16 modern product tankers compliant with the highest safety and quality standards

9.2 million tonnes of product transported by rail, pipeline and tanker in 2015 Cockett Marine Oil

Cockett Marine Oil is a leading Established in 1979, the Cockett supplier of bunker fuel, Group has grown to become supplying in excess of one of the world’s largest value- 7.5 million tonnes globally added resellers of marine fuels each year. and lubricants.

Cockett Marine Oil uses its extensive market experience and knowledge to assist bunker buyers in purchasing fuel and lubricants, achieving the most competitive prices whilst OUR COMPANIES guaranteeing quality of service and product. 7.5 million It operates from ofﬁ ces in strategic tonnes of bunker fuel supplied locations worldwide. globally each year 46 VPI Immingham

VPI Immingham is a Combined It is one of the largest CHP plants Completed in 2004 and expanded in Heat and Power (CHP) plant in Europe, capable of generating 2009, VPI Immingham is one of the near Immingham, on the 1,240 megawatts – about 2.5% of cleanest and most effi cient power South Bank of the river UK peak electricity demand and up plants in Europe. At full capacity, it Humber in the UK. to 930 tonnes of steam per hour, saves 2.5 million tonnes of CO2 per which is used by nearby oil refi neries year, the equivalent emissions of to turn crude oil into products such one million cars, compared with a OUR COMPANIES as gasoline. conventional coal plant. The plant is fuelled by natural gas and surplus refi nery gas, with liquid fuel as a backup.

2.5 million tonnes of CO2 saved a year, the equivalent emissions of one million cars Exploration and production

We have over 20 years’ During this time we have successfully experience in exploration developed and managed a range of and production (E&P). projects, in geographies as diverse as the Philippines and the Former Soviet Union (FSU).

Today, our upstream assets include E&P licenses from which we produce around 10,000 barrels equivalent of oil and gas in West Africa, Eastern Europe, Central Asia, the Middle East and the US.

Our E&P team comprises highly experienced asset managers and senior technical staff with many years of industry experience managing sub-surface and

E&P project risk.

In addition to managing our upstream assets, the team works closely with the rest of the business, providing complementary advisory services and technical expertise to initiatives involving energy reserves

48 and similar assets. E&P

49 Vitol Foundation

We ﬁ rst began making Since inception, the focus has charitable grants in 2002 and been on enabling children living in established the Vitol deprivation to escape the cycle of Foundation in 2006. Since then poverty and reach their potential in we have funded over 2,000 life. To this end, the Vitol Foundation projects in 119 countries supports projects that fall under around the world. four programme areas that are critical to a child’s development: Health, ‘WASH’ (Water, Sanitation & Hygiene), Education and Livelihoods. It also responds to humanitarian emergencies with trusted partners.

The Vitol Foundation considers its grants as investments and looks for initiatives with the potential to generate a social return in a sustainable way. It supports initiatives globally and independently of business activities, but at all times seeks to deploy resources to the greatest effect. FOUNDATION

50 FOUNDATION

51 Our worldwide capabilities

With knowledge around the world we are well placed to serve your energy needs.

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