Marine fuel supplier Chemoil has made $67.7 million (€51.3 million) profit before tax, which is a more than $79 million rise on last year’s figures.
The company also reported a record volume of 22.5 million tonnes for 2011 and entered into the aviation fuel business by supplying the industry with 65 billion gallons last year, forming the Chemoil Aviation division.
Its focus is to supply aviation fuel to secondary commercial passenger airlines, cargo and charter operators. This new branch of the company will allow Chemoil to leverage its ‘existing business platform as well as its extensive marketing and supply expertise to further diversify the company and expand its presence in the global downstream fuel marketplace’, the company says.
Chemoil has also made moves into the biofuels sector by introducing the Renewables, Chemicals and Biofuels Trading business in March 2011. As well as fuels, some of the feedstocks, byproducts and other renewable components are being traded.
Chemoil’s CEO, Tom Reilly, says: ‘Chemoil’s strong performance in 2011 stems from positive contributions from our core business functions and the company’s diversification strategy with new businesses accounting for a substantial part of the volume growth this past year.’
The company is also expanding elsewhere. At the Fujairah storage terminal, as part of a joint venture with GPSChemoil, the company is building a 675,000m³ storage facility that will be one of the biggest distillate and bunker storage terminals in the Middle East.