Giant oil trader vitol makes billions in volatile times – bloomberg

It was early 2011. Gas jewelry Forces revolting against the 42-year dictatorship of Colonel Muammar Qaddafi had just taken control of the city and founded their own government. Electricity year 6 This meeting with the ragtag group of former military officials and local politicians had come together quickly, but if anybody could arrange something with them, Taylor figured, it was Vitol. Electricity dance moms A few weeks earlier, one of his top executives, Christopher Bake, had fielded a call from Doha. Shell gas credit card 5 Qatar’s oil minister, an intermediary explained, wanted to know if Vitol would be willing to supply fuel to the Qatari-backed Libyan rebels. Grade 9 electricity test Vitol had just four hours to reply.

Bake, based in Dubai, signaled Vitol’s interest “in about four minutes.” He then looped in his colleagues, most of them in London, to pull together a firm proposal. Quadcopter gas motor Vitol, he soon told the intermediary, was in. Electricity 101 video That they could move on a deal like this—in a bloody war zone—spoke volumes about the company’s culture. 3 gases As anybody in the oil business could attest, Vitol was a nimble and hungry opportunist, always ready to pounce.

Now, inside the plane, Taylor and Bake, who looks almost like a bodyguard thanks to his rugby-player frame, were en route to clinch the deal. Electricity generation by source by country But there was a catch: The rebels had no money. Static electricity in the body effects Vitol would have to be paid in crude. Electricity tower vector Western governments tacitly approved the arrangement, although aside from the lone drone, there wasn’t any official support. Electricity sound effect mp3 free download If something went wrong, Taylor and his company were on their own.

The two men braced themselves as the plane banked hard. Electricity office The risk of anti-aircraft fire from Qaddafi forces made a conventional landing impossible, so the pilot descended rapidly in a series of stomach-churning turns. Static electricity human body Once on the ground, Taylor and Bake made their way to the designated meeting point.

Back then, the center of Benghazi, a tired collection of dusty 1970s buildings around a fetid lagoon, was a far more dangerous place than the one portrayed in this year’s Hollywood film 13 Hours: The Secret Soldiers of Benghazi, about the attack that killed U.S. Gasco abu dhabi salary Ambassador to Libya J. Electricity production in north korea Christopher Stevens in September 2012. Gas variables pogil answers extension questions In the early days of the civil war, Benghazi was a city where nearly every man—and often even children—carried a Kalashnikov, and the rest of the population lived under the constant threat that Qaddafi troops could breach the city’s defenses.

After some discussion, Vitol accepted the deal. V gas station Things went awry within days. 101 gas station Despite promising to keep it secret, the rebels announced they’d made an arrangement to sell oil. Electricity quotes by benjamin franklin In response, Qaddafi’s forces immediately blew up a key pipeline. Gas meter reading Without oil, Vitol couldn’t be paid.

Still, the company upheld its end of the bargain. Gas 69 Over the coming months, its tankers shipped cargo after cargo of gasoline, diesel, and fuel oil into eastern Libya. Gaston y la agrupacion santa fe “The fuel from Vitol was very important for the military,” Abdeljalil Mayuf, an official at rebel-controlled Arabian Gulf Oil in Benghazi, later said.

In the end, the rebels brought down Qaddafi, and once the fighting subsided, Vitol got its oil. Gas in dogs stomach At one point, as everyone waited for production to restart, the amount owed by the rebel government ballooned to more than $1 billion.

Five years later, Taylor, now 60, recalls the Benghazi affair over breakfast at London’s St. Gas welder job description Pancras station ahead of the 9:18 a.m. R gas constant Eurostar to Paris. Electricity recruitment 2015 “It was a deal which, to be honest, got much larger than it should have,” he says.

Vitol’s opportunity-driven culture has forged a fiercely loyal staff. Gas stoichiometry It can’t hurt that many have become fabulously wealthy. Power in costa rica They keep a notoriously low profile, and little is known about their individual wealth. Gas prices under a dollar However, a messy divorce proceeding a decade ago involving one of the company’s most senior traders offers a rare glimpse into Vitol’s riches.

According to documents filed in Texas’ 14th Court of Appeals, Mike Loya, who heads the company in the Americas out of Houston, controlled Vitol shares valued at $140 million at the end of 2007. Gas after eating fruit Since then, Vitol’s book value has almost doubled, with profits and payouts surging, suggesting that top executives are each worth hundreds of millions. Gas density formula Loya says that what lured him to move from his old job at Transworld in the 1990s was a chance to earn a stake in a dynamic business. Z gas ensenada telefono “If you do well, you become one of the owners,” he says.

In 2014 alone, according to documents reviewed by Bloomberg Markets, Vitol distributed a special dividend-like payment of more than $1.1 billion to its 350 or so employee shareholder-partners. Electricity distribution vs transmission From 2008 to 2014, these shareholders were awarded payouts totaling almost $5.6 billion. Quadcopter gas engine Even so, says Chief Financial Officer Jeff Dellapina, “over the past 10 years we’ve reinvested 50 percent of the profits in the business—an appropriate level for an established and growing company.”

Vitol is a private company in more ways than one, and it’s never found the oxygen of publicity to be particularly inviting. 4 other gases in the atmosphere “When Vitol makes headlines, they are bad headlines,” says Oliver Classen of the Berne Declaration, a Swiss nongovernmental organization that has researched commodity trading and advocates formal regulation of the industry.

In 1995, for instance, Vitol paid a Serbian warlord $1 million for help resolving a business dispute. Grade 6 electricity experiments Zeljko Raznjatovic, known as “Arkan,” was indicted in 1997 by the International Criminal Tribunal for the former Yugoslavia in The Hague for crimes against humanity. Electricity notes class 10 pdf He was assassinated in 2000 before his trial could go to court.

Vitol took its most damaging reputational hit in 2007 over paying the regime of Saddam Hussein about $13 million in “surcharges” to secure oil shipments under the United Nation’s scandal-plagued Oil-for-Food Programme. Gas mask bong review The investigation, led by Paul Volcker, the former U.S. Gas variables pogil Federal Reserve chairman, exposed a world of illicit payments, secret bank accounts, and diplomats for hire. Electricity voltage in norway Rather than paying a fine without admitting wrongdoing, Vitol agreed to plead guilty in the Supreme Court of the State of New York; other companies, including Chevron, resolved similar civil and criminal cases at the time, but only a few pleaded guilty. Maharashtra electricity e bill payment “We did a settlement to protect our own staff,” Taylor says, suggesting that without the deal, U.S. Gas vs electric dryer prosecutors could have charged individual traders. Storing electricity in water He points out that there were plenty of others paying the same surcharges. M gasol nba “It was chaos,” Taylor says of the UN program.

Having thrived for more than two decades, Vitol may need to prepare for choppier seas. Arkansas gas tax Trading margins keep shrinking as the minute-by-minute movements of the global oil industry are disseminated on the internet. Electricity voltage in india Possession of market information that others don’t have—once Vitol’s edge—is fast disappearing. Gas news So what will Vitol do?

As quick-witted as he usually is, Taylor struggles a bit to answer the question over his breakfast at St. Pancras. Elektricity club “You will be surprised,” he finally says. Electricity electricity schoolhouse rock “I don’t know the answer.”

After mulling things over, he says Vitol will benefit from “natural market growth.” He also says he wants to buy more assets to complete the creation of what in the oil industry is known as “a system”—a cache of oilfield stakes, refineries, tanks, and petrol stations spanning the cycle from the ground to the gas tank—just like Big Oil. Geothermal electricity how it works It would be Vitol’s own brand of vertical integration, he says, featuring minimal investment or exposure to actual oil production. 2 chainz smoking on that gas “I will kill—kill!—to have that system,” he says.

Although building such a structure wouldn’t come cheap, Taylor, along with his colleagues, is determined to stay private. Industrial electricity prices by state Glencore’s 2011 initial public offering, which created several paper billionaires overnight, doesn’t tempt Taylor or his team, he says.

At least that’s the case now. Electricity production in chad Bob Finch, a former Vitol senior executive and for years the largest shareholder, says Vitol considered the idea of hiring a bank to explore going public about 10 years ago. Electricity laws uk Unbeknown to those outside Vitol’s inner sanctum, the IPO option reached the executive committee, where it was defeated by what Finch says was a “narrow vote.” Taylor says the idea of hiring a bank was “rejected by most members” of the executive committee.

Over the course of Vitol’s history, a number of companies expressed an interest in buying the oil trader. Electricity dance moms episode At one point, Vitol talked about selling a stake to Petronas, the state-controlled Malaysian oil company with which Taylor had developed a close relationship during his time in Singapore. Save electricity images for drawing It didn’t happen. Gas water heater reviews 2012 Perhaps the most serious conversation happened in the late 1990s when Enron considered buying the oil trader. Gaslighting The partners turned down the offer, thereby staving off a disaster: Enron, which went bankrupt in 2001 amid an accounting scandal and criminal investigations, was offering to pay with its own shares, which later turned out to be worthless.

The biggest challenge for Vitol may be internal as it wrestles with succession. Gas and water socialism Transitions at other trading houses show they’re anything but easy. Grade 9 electricity worksheets Taylor, who recently battled throat cancer that’s in remission, says he isn’t going anywhere soon. Gas station near me But he and at least three other members of the nine-member executive committee are either past or near 60. Gas bloating nausea His lieutenants—including David Fransen, who heads the office in Geneva, Loya in Houston, and Kho, the boss in Singapore—will at some point retire. B games play online Vitol has been grooming the next generation—including Hardy, Dellapina, Bake, and Mark Couling, head of crude trading—to take the baton. Grade 9 electricity unit test One of these men, all in their 40s or 50s, is expected to be the next CEO.

Until then, Taylor says he’s adhering to his usual schedule, which means traveling for almost half the year. T gastrobar el tenedor The commodities business is still ruled by the centuries-old pledge of “my word is my bond.” Face-to-face meetings are imperative.

“You need to have relationships,” he says. Electricity drinking game Which is the reason Taylor flew into Benghazi—a deal he didn’t want to do “unless I knew who I was dealing with,” he says. Power usage estimator “It could have gone very, very badly wrong.”