LONDON, Feb 21 – Energy trading house Vitol’s revenues rose by more than 50 per cent to a record US$297 billion (RM897.40 billion) last year on the back of strong oil prices and higher turnover, the company said today.

Total traded volumes including oil and other forms of energy rose to a record 457 million tonnes in 2011 compared with around 399 million tonnes the previous year.

Swiss-based Vitol, one of the world’s top oil traders, said it planned to expand further in 2012 and would look for opportunities in refining and distribution.

“While physical global energy trading remains at the heart of Vitol, we continue to look at a variety of new investment opportunities in the midstream and downstream energy sectors, which can deliver growth and synergy with our core trading business,” the company said in a statement.

Top independent traders have been expanding in the African distribution business in the last few years and in December Vitol started a new African downstream company, Vivo Energy, in partnership with Royal Dutch Shell and Helios Investment Partners.

Vitol said it handled 135 million tonnes of crude oil last year and that remained the largest part of its energy portfolio.

Brent oil prices reached a record high average price of around US$111 a barrel last year due partly to political turbulence in the Middle East including a civil war in OPEC member Libya. – Reuters