Gastech 2023 Insights: Vitol CEO Foresees LNG Bunker Growth

by Admin
Vitol CEO Russell Hardy at Gastech 2023

In a recent address at Gastech 2023 in Singapore, Vitol’s CEO, Russell Hardy, made a compelling observation about the global bunker fuel market. He highlighted a noteworthy transformation set to unfold over the next decade – a substantial shift towards LNG (liquefied natural gas). This transition mirrors the growing utilization of LNG in the transportation sector.

Additionally, at the same event, Vitol’s head of LNG and EMEA gas and power, Pablo Galante Escobar, delved into the impending surge in LNG supply. He emphasized that a considerable influx of LNG is poised to enter the market within the next five years. Furthermore, Escobar expressed his confidence that this increased supply will be rapidly absorbed, primarily by eager Asian buyers.

Earlier in the week Russell Hardy spoke at the APPEC conference, during his talk, he touched upon several key factors shaping the energy landscape. He discussed the prevailing volatility in the products market, which contrasts with a relatively stable trading environment for Brent crude oil. Furthermore, Hardy shared his optimism regarding an expected improvement in global crude oil supplies over the next six to eight weeks, citing the influence of refinery maintenance in this development.

These insights from Vitol’s leadership shed light on the dynamic shifts and opportunities unfolding within the energy sector, further underlining the significance of LNG in the future of global energy.

Vitol Group, headquartered in Switzerland, is a global energy and commodity trading giant that plays a pivotal role in the international energy market. Vitol was among the world’s largest independent energy traders, with a vast network of operations spanning over 40 countries. The market leader in the distribution of crude oil and products, facilitated by our unrivalled network of logistics and assets. Trading, that is the efficient distribution of energy around the world, is at the core of our business. Every day we trade over 7 million barrels of crude oil and products, buying from producers and delivering to refiners, wholesalers and distributors worldwide. Vitol is invested in over 500,000 barrels a day of refining capacity in Asia, Australia, Europe and the Middle East, giving us a comprehensive understanding of the short and medium-term challenges facing refiners, from sourcing optimal feedstock to managing the energy transition. We own over 17 million cubic meters of storage capacity, which coupled with significant leased capacity, means we can store and blend bespoke combinations to deliver optimal feedstock and products, responding to an ever-changing market.

Source Vitol