Ian Taylor Tells Reuters That Vitol Will Diversify Into Natural Gas, Carbon Emissions, Ethanol and Coal

GENEVA--(Marketwire - March 25, 2009) - In an interview with Reuters in Fujairah, Ian Taylor, President and CEO of the Vitol Group, one of the largest traders in the world's energy marketplace, discussed the need to diversify into natural gas, carbon emissions, ethanol and coal outside its core business of physical oil, in order to maintain its position as a leading energy player.

Taylor set the agenda for Vitol's expansion. "All these parts of the energy market are linked. If you are going to be a successful global energy trader, you must expand into these areas."

Taylor explained that diversification is essential to maintaining Vitol's competitiveness in the global market. "You never want to stop improving your business, and that is what we are trying to do by expanding our range and becoming more diversified."

The company plans to bid for Iraq's oil and gas fields as a member of a consortium, and is also looking at other upstream opportunities in West Africa.

"These are world-class fields... hopefully the situation in Iraq will improve and international oil companies will be able to get in to help develop these oil fields," Taylor said.

Vitol intends to bid with other firms for a role in developing Iraq's reserves.

"Pension funds and other institutional investors moved into commodities during the past five years and contributed to oil's bull run, which was not particularly healthy for oil markets," Taylor said.

"In some ways, from Vitol's perspective, the oil and the energy markets are moving back to a stronger focus on the fundamentals of supply and demand... in the longer term this is quite healthy," Taylor said.

For more information, visit www.vitol.com. To read the entire article, visit www.reuters.com.

Contact Information: Contact: Matt Lauer 202-683-3127 mlauer@qorvis.com