• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 2 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 1 day Forecasts for Natural Gas
  • 4 days Storage of gas cylinders
  • 5 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
The Most Exciting Medical Breakthrough Of The Decade?

The Most Exciting Medical Breakthrough Of The Decade?

Artificial intelligence is coming for…

OPEC Cuts 2021 Oil Demand Forecast

OPEC Cuts 2021 Oil Demand Forecast

In this month’s report, OPEC…

World’s Largest Oil Trader Teams Up With Buffett-Backed EV Maker

The world’s largest independent oil trading house, Vitol Group, has formed a $250-million partnership with Chinese electric vehicle maker BYD to provide EV fleet mobility services in select markets worldwide, the trader said on Wednesday.                                   

Vitol and BYD plan to offer municipal, corporate, and other customers a comprehensive solution including electric vehicles, charging infrastructure, and depot design.

The joint venture is targeting public and private organizations looking to decarbonize their car fleets through electrification, Vitol said in a statement.

Vitol is already in the process of deploying more than 300 electric buses in Bogota, Colombia, and is seeking additional opportunities in South America.

The commodity trader is the latest company in the oil industry, boosting investments in clean energy as governments and businesses worldwide set net-zero emission targets.

Vitol, which handles more than 7 million barrels per day (bpd) of oil and products, has recently invested in a number of green energy projects and initiatives, including in solar and wind energy, bio digester projects across the U.S. converting waste to energy, hydrogen projects, and a massive carbon capture project, Humber Zero, in northeast England.

Backed by Vitol’s VPI Immingham power plant and the Phillips 66 Humber Refinery, Humber Zero is a carbon capture and storage (CCS) project on the south bank of the Humber Estuary. Earlier this year, VPI and Phillips 66 pledged initial investments in the project to develop the technology to capture and safely store carbon created by the Immingham industrial cluster.

In April, Vitol said it had bought a 10-percent equity interest in Gen2 Energy, a Norwegian producer of green hydrogen, for an undisclosed sum. Gen2 Energy aims to use Norway’s surplus hydroelectric power to produce green hydrogen, which will be transported and sold to customers principally in Europe.

“Hydrogen will be a core component of the energy mix of the future and key part of the path to net-zero,” Chris Bake, Managing Director, Vitol, said at the time.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News