Esta es la versión HTML de un fichero adjunto a una solicitud de acceso a la información 'Cañete and Cabinet meetings with lobby consultancies'.


Ref. Ares(2016)208470 - 14/01/2016
 
 
Date: 14 January 2016 
Place: Brussels 
Participants: Commissioner Arias Cañete with Mr Ian Taylor, CEO Vitol, Cabinet member (YS) 
SUBJECT: oil and gas market 
 
Mr Taylor presented the company's main activities as the largest trading company in oil, gas and 
power, present in 150 countries and 3rd biggest in storage (mainly oil). The company is investing in 
Europe and will continue to do so. 
 
The Commissioner presented the forthcoming Security of supply package, including a LNG strategy 
and a revision of the Security of supply Regulation. He also inquired about Vitol's assessment of 
future developments in the oil and gas market.  
 
Mr Taylor explained that he expected the gas market to be long for the short and mid-term, but that 
gas demand would increase in developing countries and hence gas supply would get tighter again 
post-2020. Nevertheless, with some further investments in infrastructure, notably in LNG, Europe 
would be well prepared. He also indicated that the pipeline gas and LNG are expected to merge and 
have a single price, no longer indexed on the oil price. 
 
Vitol also explained the concern they have with the draft implementing measures as regards position 
limits as proposed by ESMA. The Commissioner explained that discussions between the services were 
still ongoing and invited Vitol to reflect on an alternative/compromise approach. Mr Taylor indicated 
they would do so, based on the approach agreed in the US.