Energy, EU – Baltic States, Good for Business, Latvia, Oil, Transport

Riga will therefore become Vitol’s regional trading center and will manage the flows of its energy products in the Baltic region.

"The fact that Vitol’s first office in Baltic States was opened in Riga indicates that the company considers Latvia an important part of its operations and believes in Latvia's energy industry," said the chairman of the Baltic States representative office, Robert Kirkup.

In addition to its trading and logistics business Vitol also operates in such fields as crude oil refining, shipping, terminal business, research and production, power production, extraction and retail.

Vitol was founded in Rotterdam in 1966 and currently has more than 40 offices around the world – head offices are located in Geneva, Huston, London and Singapore. In 2013 turnover of the company was USD 307 billion.

Vitol has invested in Ventspils nafta and, via Ventspils nafta, also in such companies as Ventspils naftas terminalis, LatRosTrans and Latvijas Kugnieciba.