Vitol Group has signed its first multi-year financial agreement in the metals sector, as the energy trading giant is actively expanding its presence in this market after a long hiatus, Bloomberg reports. The trading company concluded an advance payment
Vitol Group has signed its first multi-year financial agreement in the metals sector, as the energy trading giant is actively expanding its presence in this market after a long break, Bloomberg reports.
The trading company has signed a $240 million prepaid deal with a subsidiary of the Brazilian CIA Siderúrgica Nacional SA for the supply of 6 million tons of iron ore over four years.
Vitol, the largest independent trader of petroleum products, is currently forming a metals trading team, attracting specialists from Glencore Plc and Mercuria Energy Group Ltd., focusing on copper, aluminum and iron ore. Last week, the company launched a joint financial venture focused on mining companies in America.
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