SINGAPORE — Vitol is eyeing the metals market with global petroleum demand expected to peak in a decade, signaled Russell Hardy, CEO of Vitol, the world's largest independent energy trader.
In contrast to the eventual decline of the crude industry, metals business is going to witness a "great deal of growth through the electrification phase," he added.
"So we quite like the idea of being involved in the bigger metal markets.
And the three bigger metal markets are steel and iron ore, copper and aluminum," he said.
In August, Vitol announced its acquisition of Noble Resources, a Hong Kong-based trader specializing in oil, coal and metallurgical coke, which is used to make iron.
Persons:
Russell Hardy, Hardy, Vitol
Organizations:
Vitol, Financial Times Commodities, Noble Resources, Reuters
Locations:
SINGAPORE, Singapore, Hong Kong, Mercuria