SOURCE: Vitol Incorporated

Vitol Incorporated

April 27, 2009 15:51 ET

Vitol Inc. President Mike Loya Discusses the Intricacies of Oil Trading With "Focus Washington"

Physical Trading Expert Provides Insight Into Operations in the United States

HOUSTON, TX--(Marketwire - April 27, 2009) - In an interview with Focus Washington's Karen Hanretty, Mike Loya, President and CEO of Vitol Incorporated, discussed the company's North American core business of physical oil trading. Mr. Loya illustrates the key work of Vitol Inc., the American arm of the Vitol Group, one of the world's largest oil and gas traders. The company imported more than 135 million barrels (over 5 billion gallons) of crude and other products to the United States in 2008.

From the company's North and South American headquarters in Houston, Texas, Mr. Loya leads a team of some of the most experienced physical traders and shippers in the industry.

"One of the key roles of Vitol in the United States is to help balance the system," said Mr. Loya. "Through implementation of the company's vast knowledge base, experience, and global reach, Vitol Inc. is able to help supply the American economy with the energy it needs to operate efficiently."

Through a diverse set of growing business models that also includes natural gas, power, coal, bio-fuels and carbon emissions, Vitol is able to meet energy needs through its various projects across the United States and around the globe. Mr. Loya talked about an example at Los Angeles International Airport. The airport consumes about 38 million barrels (1.6 billion gallons) of jet fuel per year. PFTC, a wholly owned subsidiary of Vitol Inc., supplied around 20 percent of that volume in 2008.

Mr. Loya provided insight into the fuel terminal and tank farm being constructed to serve Florida, a state without a single oil refinery. The facility, which is expected to begin operations at the beginning of next year, will operate as Seaport Canaveral LLC. It will have a vast storage capacity -- housing gasoline, diesel fuel, and jet fuel that will help to bring energy independence and new product supply to the growing population base in Florida. Mr. Loya also said that the facility would help to bring energy security to Florida during hurricane season.

Concluding the interview, Mr. Loya said that, "Vitol is on every coast around the world. With its vast reach and resources, Vitol facilitates the trading of oil and oil products between buyers and sellers, bringing liquidity and competition to the global oil markets. This efficiently brings oil and its products to customers where and when they need it, and moves oil and products from surplus markets to deficit markets, such as the United States."

Focus Washington is streamed to subscribers. It is also available at www.focuswashington.com.

About Vitol

The Vitol Group operates worldwide and is one of the world's largest physical oil trading groups. Vitol's main operations are based in Geneva, Houston, Singapore and London and, in addition to its crude and product trading businesses, has a growing presence in the gas and power, emissions and bio-fuels markets. Vitol also has interests in various oil storage terminals and exploration and production projects worldwide.

For more information about Vitol Inc., visit www.vitol.com.

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