The Vitol Group, the world’s largest oil trading company, is starting a new venture in the used car industry, as it moves towards diversifying its business away from oil.
According to Bloomberg News, the group, which was established more than 50 years ago in the Netherlands, has launched a project called Vava Cars, “Vava Cars” for used cars in Pakistan and Turkey, aiming to become the most reliable platform for automobile transactions around the world.
Vitol is the world’s largest independent oil trading company, trading more than 8 million barrels of oil and petroleum products daily in 2019.
The trend towards used car buying and selling is the latest example of how the world’s largest energy dealers are trying to diversify their core activities of purchasing, blending and transporting refined petroleum and petroleum products in the midst of a shift to greener fuels, according to Bloomberg.
While Vitol said it does not expect global oil demand to peak until at least 2030, it has already moved aggressively to diversify some of its business away from oil.
The Rotterdam-based group has made investments in storing wind energy, solar energy and batteries while recently boosting its energy business.
Vitol has access to a lot of low-cost capital to buy used cars as the world’s major oil traders rely on billions of dollars in bank loans to finance their day-to-day operations. She is also an expert in exploiting price analyzes between different geographic markets.
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