Vitol, the world’s biggest oil trader, will begin exporting fuel oil and diesel from Turkmenistan via the Russian port of Novorossiisk this month, Reuters reports citing various trading sources.
Reuters cites the trade specialists saying that the test shipments in this direction are planned in December. The specialists also noted that Vitol is expected to export about 500,000 tons of Turkmen oil products next year.
The traders noted that the oil products from Turkmenistan will be loaded at Turkmenbashi, after crossing the Caspian Sea, oﬄoaded in Russia’s Makhachkala port then the products via rail will be transported to Novorossiisk, where they will be oﬄoaded for seaborne exports.
According to Russian railway data seen by Reuters, 20,000 tonnes of fuel oil and 25,000 tonnes of diesel produced in Turkmenistan are scheduled to be transported from Makhachkala railway station to Novorossiisk port this month.
During his speech at the 24th international conference “Oil and Gas of Turkmenistan – 2019”, the Director of Vitol Group Russell Hardy said that his company has established a joint venture with Turkmenistan to export hydrocarbons and petroleum products to international markets.
Vitol has been cooperating with Turkmenistan for more than 20 years. The Dutch trading company has also participated in the modernization of the Turkmenbashi Complex of Oil Refineries.
The Vitol Group, founded in Rotterdam in 1966, has 40 offices worldwide and its largest operations are in Geneva, Houston, London, and Singapore. With revenues of $231 billion in 2018, it is the largest independent energy trader in the world.