The world's two largest independent energy traders – Vitol and Gunvor – remain purchasers of significant quantities of petrol and diesel from russia more than a year after both companies pledged to sharply reduce their business with moscow following its invasion of Ukraine, according to FT.
An analysis of russian customs export data for the first four months of 2023 shows that both companies were among the top ten buyers of oil products. Gunvor, with its headquarters in Switzerland, was the eighth largest buyer by value, supplying 1 million tonnes of oil products worth approximately $540 million. And Vitol, whose top managers predominantly work in London and Geneva, was the 10th largest buyer, shipping about 600,000 tonnes worth approximately $400 million, according to data provided by the Financial Times.
Both companies have confirmed that they are regular purchasers of russian oil products, but disputed the accuracy of the data. Overall, 50 companies exported oil products from russia totaling $16 billion in the first four months of the year.
Gunvor stated that its own records showed it had purchased slightly more than 700,000 tonnes during this period for a value of about $330 million. Vitol stated that the customs declarations did not match its internal data but refused to provide its own data. It reiterated CEO Russell Hardy's comment in March that it traded "fewer than 100,000 barrels per day," suggesting a maximum of about 1.5 million tonnes over four months.
Customs reports show that Gunvor and Vitol are the only Western companies still among the top ten largest buyers of russian oil refining. The other eight largest buyers are a mix of traders controlled by russia and newly established companies in the United Arab Emirates, Hong Kong or Singapore.
Topping the ranking is Litasco, the trading division of russian Lukoil. According to the data, the company moved the majority of its operations from Geneva to Dubai last year and from January to April sold russian oil products worth over $3 billion. The second largest company, Bellatrix Energy Limited, was registered in Hong Kong in 2020. Neither Litasco nor Bellatrix responded to requests for comment on this matter.