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

Published On : 10/17/2023

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)

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