# Vitol to spend half of its capex on low-carbon, renewables -CEO
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2023-10-17
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: Vitol to Invest Half of $2B Capex in Low-Carbon, Renewables - CEO
Meta Description: Learn how top energy trader Vitol plans to allocate funds for green initiatives, amidst rising oil prices and market uncertainty.
URL: https://startupobserver.com/vitol-to-spend-half-of-its-capex-on-low-carbon-renewables-ceo/

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LONDON (Reuters) – The world’s top independent energy trader Vitol will invest around half of its $2 billion capital expenditure on low-carbon and renewables, its CEO Russel Hardy said on [Tuesday.](https://startupobserver.com/italian-hearing-aid-maker-amplifon-expects-higher-2023-earnings/)

“We’ve got a fair amount of capex going into the renewables and power business. Half of the company’s capex, which is $2 bln so about $1 bln, is going into [renewable](https://startupobserver.com/renewable-energys-share-on-german-power-grids-reaches-55-in-2023/) business,” Hardy told the [Energy](https://startupobserver.com/uks-national-grid-to-sell-electricity-system-operator-in-827-million-deal/) Intelligence Forum.

Hardy said he expects benchmark Brent crude oil prices to remain in the range of $80 to $90 a barrel over the next 12 months as volatility in the market remains high and demand continues to grow, particularly from China.

Brent traded at around $90 a barrel on Tuesday. \[O/R\]

The two other speakers on the panel – the CEO of trading house Gunvor, Torbjörn Törnqvist, and the head of oil trading at Trafigura, Ben Luckock – missed the event after climate protestors blocked the entrance to the conference.

(Reporting by Ron Bousso and Shadia Nasralla, Editing by Louise Heavens)


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