Vitol Group, a multinational energy and commodities trading company, has won the tender floated by the Ethiopian Petroleum Supply Enterprise (EPSE) for the supply of fuel to Ethiopia in 2016, according to The Reporter.

EPSE floated the tender for the supply of 90,000 to 100,000 metric tons of benzene and 800,000-950,000 metric tons of diesel.

CEO of EPSE Tadesse Hailemariam told The Reporter, of the ten international companies participated in the tender; nine of them passed the technical evaluation. EPSE, after evaluating the financial offers, it picked Vitol as the least bidder.

Vitol agreed to supply 850,000 metric tons of diesel and 95,000 metric tons of benzene with a total value of USD 644 million.

EPSE and Vitol have signed the agreement on December 18, 2015 at the headquarters of the enterprise. Starting from the month of January, Vitol will supply the fuel from Bahrain. Vitol won the international tender floated by EPSE for the second year in a row.

Ethiopia annually consumes two million metric tons of diesel, 288,000 metric tons of benzene and 710,000 metric tons of jet fuel.

The Vitol Group is a multinational corporation engaged in energy and commodity trading business. It was established in Rotterdam in 1996. The company has now 40 offices across the nations with its largest operations in Geneva, Houston, London and Singapore. Vitol’s turnover in 2014 was USD 270 billion.

Source: The Reporter