Russell Hardy, Chief Executive Officer, Vito Services Ltd.
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SINGAPORE – Vitol, the world’s largest independent energy trader, is paying attention to metals markets as global oil demand is expected to peak within a decade, CEO Russell Hardy said.
“We still believe that oil, the oil industry, will peak at some point, about 10 years ahead of today’s levels,” Hardy told the Financial Times Commodities Summit in Singapore on Thursday.
He added that contrary to the eventual decline of the crude oil industry, the metals business will see “significant growth in the electrification phase”.
“So we really like the idea of participating in the larger metals markets. The three larger metals markets are steel and iron ore, copper and aluminum,” he said.
August, Vitol announces acquisition of Noble Resourcesis a Hong Kong-based trader specializing in petroleum, coal and metallurgical coke used in ironmaking. Vitol poached two metals traders in April Reuters reports from Mercuria.
This is a ten-year ambition and I’m not going to put any pressure on myself to be somewhere specific in three or five years.
Russell Hardy
CEO of Vitol Corporation
Energy trading giants such as Gunvor and Mercuria have Staying focused on metals while exploring opportunities Powered by a shift in favor of clean energy.
Critical minerals such as copper, nickel, cobalt and lithium The key to EV batteries, EVs, grids and solar panel manufacturing – Some components of the ecosystem driving the energy transition.
Copper in particular is widely expected to post gains exponential demand and potential shortages. Existing mines and projects under construction only meet Will meet 80% of copper demand by 2030According to the International Energy Agency.
Hardy admitted that scaling up the metals business to the same size as the energy sector will be a long and difficult process, adding that the metals market is a fiercely competitive market and trading companies must find their “edge” and “way out” ”. ”.
“This is a 10-year ambition and I’m not going to put any pressure on myself to be in a certain position in three or five years,” he said, stressing that the oil and gas business unit remains “very important” to the deal For those who speak.
Vito Corporation made huge profits behind recent years European energy crisis After Russia invades Ukraine in 2022.
