1984: Chairman Emeritus, Paul Stebbins, and CEO, Michael Kasbar, founded Trans-Tec, a marine fuel brokerage company 1986: International Recovery becomes a publicly-traded company 1990: Signicant organic growth prompts expansion with ofces in key global markets 1995: International Recovery acquires Trans-Tec and charges company name to World Fuel Services Corporation 1999: Bunkerfuels acquisition enhances market share in Marine Energy 2000: PAFCO joint venture expands Aviation services 2001: Marine Energy, Norse Bunkers, Oil Shipping Group acquisitions expand Marine 2004: Tramp Oil to expand Marine business 1998: BaseOps adds ight-based services 2007: AVCARD expands Business & General Aviation transaction processing capabilities 2008: Texor expands branded distribution 2009: TGS Petroleum expands branded distribution 2010: Henty Oil expands Marine and Land presence in United Kingdom 2010: Lakeside Oil expands branded gas/diesel distribution in Midwestern US 2010: Western Petroleum expands Land and Avitaion distribution 2011: Hiller and Ascent expand Business & General Aviation and add deicing 2011: NCS expands government Aviation business 2012: Carter Energy expands branded gas/diesel distribution in Midwestern United States 2012: Multi Service Technology Solutions expands paymentprocessing capabilities 2012: MH Aviation and totalFBO expand Aviation 2013: U.S. Energy Services adds natural gas, compressed natural gas and electricity consulting services 2016: Associated Petroleum Products (APP) to provide fuel & related services to agricultural automotive, construction, and commercial and industrial customers in the Pacic Northwest 2016: Acquisition of ExxonMobil aviation fueling operations at 34 airports in Canada and France 2014: Watson Petroleum expands fuel and lubricants distribution in United Kingdom 2016: PAPCO expands fuel and lubricants distribution in the Eastern U.S. 2015: Pester Marketing Company with its Alta Fuels to expand terminals and distribution of biofuels and lubricants to wholesale, commercial, and agricultural customers in the U.S. 2015: BP's former Statoil Fuel & Retail Aviation business at 4 general & business aviation airports in Scandinavia to expand global presence 2015: Bergen Energy grows energy & sustainability practice across Europe 2015: KTM expands energy & sustainability practice in North America 2014: Colt International and Avinode expands presence in Business & General Aviation 2016: Utilities Exchange Ltd. To expand consultancy & energy management services to commercial and industrial customers across Europe 2017: Orchard Energy, UX Energy Services, Professional Utility Board acquired 2018: OnDemand Energy Solutions acquired 2019: Our land fuels division and Kinect Energy division to converge to become World Kinect Energy Services 2019: UVair further expands Aviation 2019: WFS joins UN Global Compact 2020: Our Aviation division acquires FBO One 2021: Lykins acquisition 2022: Flyers acquisition 2021: Flyers a

1. BUSINESS ENVIRONMENT &
ETHICAL PRACTICES
[BBALLB213]
SUBMITTED BY:
AKASH MALAYIL
BBA LLB -A
03051103521
SUBMITTED TO:
DR. NAMITA GUPTA

2. BRIEF
INTRODUCTION
2
World Fuel Services Corporation (WFS,
World Fuel) is an energy, commodities,
and services company based in Doral,
Florida. The company ranked No. 91 in
the 2018 Fortune 500 list of the largest
United States corporations. WFS focuses
on the marketing, trading, and financing of
aviation, marine, building, and ground
transportation energy commodities and
related services. As of 2013, WFS also
operates in natural gas and power.
The global leader in marine refueling, in
2018 WFS sold a record total of 21 billion
gallons of fuel for $39.8 billion in
revenue.

3. 3
01BRIEF
HISTORY

4. 4
1984: Chairman Emeritus, Paul Stebbins, and CEO, Michael Kasbar, founded Trans-Tec, a
marine fuel brokerage company
1986: International Recovery becomes a publicly-traded company
1990: Significant organic growth prompts expansion with offices in key global markets
1995: International Recovery acquires Trans-Tec and charges company name to World Fuel
Services Corporation
2000: PAFCO joint venture expands Aviation services
2001: Marine Energy, Norse Bunkers, and Oil Shipping Group acquisitions expand Marine
2004: Tramp Oil to expand Marine business
2007: AVCARD expands Business & General Aviation transaction processing capabilities
2008: Texter expands branded distribution
2009: TGS Petroleum expands branded distribution
2012: Multi Service Technology Solutions expands payment processing capabilities
2013: U.S. Energy Services adds natural gas, compressed natural gas, and electricity consulting
services
2015: Bergen Energy grows energy & sustainability practice across Europe
2016: Associated Petroleum Products (APP) to provide fuel & related services to agricultural
automotive, construction, and commercial and industrial customers in the Pacific Northwest
2018: OnDemand Energy Solutions acquired
2019: UVair further expands Aviation
2020: Our Aviation division acquiers FBO One
2021: Lykins acquisition
2022: Flyers acquisition

5. 5
02
PRODUCTS AND
SERVICES

6. 6
PRODUCTS AND SERVICES
BY AIR
• AVCARD
• BULK FUEL
AND
GROUND
EQUIPMENT
• myWORLD
APP
• FBO TECH
BY LAND
• AGRICULTURE
• MACHINERY
• EDUCATION
• FUEL
RETAILER
• HOSPITAL
• HOTELS
BY SEA
• PHYSICAL
SUPPLY
LOCATION
• PORTS
• TRANSPORT
• MARINE FUEL
• ASSISTANCE

7. 7
03SWOT ANALYSIS

8. 8
STRENGTHS OF WFS
1. Automation of activities brought consistency of quality to World
Fuel Services Corporation products and enabled the company to
scale up and down based on the demand conditions in the market.
2. Highly skilled workforce through successful training and
learning programs. World Fuel Services Corporation is investing
huge resources in its employees' training and development,
resulting in a workforce that is not only highly skilled but also
motivated to achieve more.
3. Good Returns on Capital Expenditure – World Fuel Services
Corporation is relatively successful at the execution of new
projects and generated good returns on capital expenditure by
building new revenue streams.
• Successful track record of developing new products – product
innovation.
1. Strong distribution network – Over the years World Fuel
Services Corporation has built a reliable distribution network that
can reach the majority of its potential market.
2. High level of customer satisfaction – the company with its
dedicated customer relationship management department been as
able to achieve a high level of customer satisfaction among
present customers and good brand equity among potential
customers.
3. Strong Brand Portfolio

9. 9
WEAKNESS OF WFS
1. The profitability ratio and Net Contribution % of
World Fuel Services Corporation are below the industry
average.
2. Need more investment in new technologies. Given the
scale of expansion and the different geographies the
company is planning to expand into, World Fuel
Services Corporation needs to put more money in
technology to integrate the processes across the board.
Right now the investment in technologies is not at par
with the vision of the company.
3. Not highly successful at integrating firms with different
work cultures. As mentioned earlier even though
World Fuel Services Corporation is successful at
integrating small companies it has had its share of
failures to merge firms that have different work
cultures.
4. Investment in Research and Development is below the
fastest-growing players in the industry.
5. There are gaps in the product range sold by the
company. This lack of choice can give a new competitor
a foothold in the market.

10. 10
OPPORTUNITIES OF WFS
1. Organization’s core competencies can be a success in
similar other products field. A comparative example could
be that GE healthcare research helped it develop better Oil
drilling machines.
2. New trends in the consumer behavior can open up new
markets for the World Fuel Services Corporation. It
provides a great opportunity for the organization to build
new revenue streams and diversify into new product
categories too.
3. Lower inflation rate.
4. Opening up of new markets because of government
agreement – the adoption of new technology standards and
government free trade agreement has provided World Fuel
Services Corporation an opportunity to enter a new
emerging market.
5. The new technology provides an opportunity for World
Fuel Services Corporation to practice a differentiated
pricing strategy in the new market. It will enable the firm
to maintain its loyal customers with great service and lure
new customers through other value-oriented
propositions.
6. Government green drive also opens an opportunity for
procurement of World Fuel Services Corporation products
by the state as well as federal government contractors.

11. 11
THREATS OF WFS
1. Rising pay levels especially movements such as $15 an
hour and increasing prices in China can lead to serious
pressure on the profitability of World Fuel Services
Corporation
2. Intense competition – Stable profitability has increased
the number of players in the industry over the last two
years which has put downward pressure on not only
profitability but also on overall sales.
3. The demand for highly profitable products is seasonal
in nature and any unlikely event during the peak season
may impact the profitability of the company in the short
to medium term.
4. Increasing trends toward isolationism in the American
economy can lead to similar reactions from other
governments thus negatively impacting international
sales.
5. Rising raw materials can pose a threat to the World Fuel
Services Corporation’s profitability.
6. No regular supply of innovative products

12. 12
04PESTEL
ANALYSIS

13. 13
POLITICAL FACTOR
1. The level of political stability that the country has in had
recent years.
2. The integrity of the politicians and their likelihood to take
part in acts of corruption, as the resulting repercussions
may lead to possible impeachments or resignations of
high-level government employees.
3. The laws that the country enforces, especially with regards
to business, such as contract law, as they dictate what is
and is not allowed to do. Some countries, for example,
prohibit alcohol or have certain conditions that must be
fulfilled, while some government systems have inefficient
amounts of red tape that discourage business.
4. Whether or not a company’s intellectual property (IP) is
protected. For example, a country that has no policies for
IP protection would mean that entrepreneurs may find it
too risky to invest in
5. A high level of taxation would demotivate companies from
maximizing their profits.
6. The risk of military invasion by hostile countries may
cause divestment from ventures.
7. A low minimum wage would mean higher profits and,
thus, higher chances of survival for

14. 14
ECONOMIC FACTORS
1. The economic system that is currently operational in the sector
in question- whether it is a monopoly, an oligopoly, or
something similar to a perfect competition economic system.
2. The rate of GDP growth in the country will affect how fast is
expected to grow in the near future.
3. The interest rates in the country would affect how much
individuals are willing to borrow and invest. Higher rates would
result in greater investments that would mean more growth for
4. However efficiently the financial markets operate also impacts
how well can raise capital at a fair price, keeping in mind the
demand and supply.
5. The exchange rate of the country’s operations would impact the
profitability, particularly if engages in international trade. The
stability of the currency is also important- an unstable currency
discourages international investors.
6. A high level of unemployment in the country would mean there
is a greater supply of jobs than demand, meaning people would
be willing to work for a lower wage, which would benefit the
company monetarily.

15. 15
SOCIAL FACTORS
1. Studying the demographic characteristics can help WFS in
choosing the right market segment/segments with high
growth potential.
2. WFS must adjust its business management practices while
entering markets with high or low power distance. The
growing inequality in many countries is altering the power
structure, which has serious implications for international
business organizations like WFS.
3. WFS needs to be fully aware of what level of health
standards, reactions to harassment claims, and importance
of environmental protection prevail in the industry as a
whole, and thus are expected from any company as they
are seen as the norm.
4. WFS should study the consumers’ leisure interests and
should focus more on enhancing the customer experience
if customers prefer experiential products over traditional
product offerings. WFS should invest time in
understanding the consumption motivations and social
trends that define consumption behavior.

16. 16
TECHNOLOGICAL FACTORS
1. The impact of the technology on the costs that most companies
in the industry are subject to has the potential to increase or
reduce the resulting profits greatly. If these profits are great in
number, they may be reinvested into the research and
development department, where future technological
innovations would further raise the level of profits, and so on,
ensuring sustainable profits over a long period of time.
2. WFS needs to consider the investments made by competitors on
a micro and macro level to understand how new technologies
influence the firm’s value chain and prevailing cost structure.
3. Social media presence has increased the customer base and is a
very effective marketing tool.
4. Today, new products are developed quickly, and supply chain
partners have also gained more power. It pressurizes the WFS
to develop new products quickly, increase product range
diversity, integrate flexibility into the value chain and develop
healthy business relationships with value chain partners.

17. 17
ENVIRONMENTAL FACTORS
1. Adopting efficient waste management practices in
organizational units that are located in or near urban areas
is highly crucial for WFS Many countries have placed
strict norms to protect their urban areas through effective
waste management.
2. Some countries offer subsidies for encouraging investment
in renewable technologies. WFS can benefit from it and
invest in renewable technologies to ensure long-term
sustainability.
3. There is a growing trend towards the use of green/eco-
friendly products. WFS can take it as an opportunity and
adopt green business practices to win the trust of
stakeholders.
4. Excessive resource depletion by WFS can draw a negative
response from the media, environment protection groups,
customers, and the general public. WFS must study the
specific environmental regulations of the country under
consideration to understand which resources (like water,
electricity, etc.) are considered rare.

18. 18
LEGAL FACTORS
1. WFS cannot enter a new market without studying in detail the
legal environment and regulatory structure of the new consumer
market. A careful evaluation of legal aspects is required to avoid
getting into some serious trouble.
2. WFS must follow the employee/labor health and safety laws as
some countries have strict regulations to ensure labor safety.
Providing a secure work environment for the workforce is the
ethical and moral obligation of WFS.
3. WFS need to study data protection regulations to protect the
customer data. WFS must consider these factors to ensure
compliance with consumer protection laws.
4. Inability to protect intellectual property rights can result in
losing competitive advantage, which may weaken the
positioning of WFS against other market players.