• 4 minutes Your idea of oil/gas prices next ten years
  • 7 minutes WTI Heading for $60
  • 13 minutes Could EVs Become Cheaper than ICE Cars by 2023?
  • 2 hours Pros and Cons of Coal
  • 2 hours Why does US never need to have an oil production cut?
  • 2 hours US continues imports of Russian gas which it insists Europe should stop buying
  • 3 hours Oil Prices
  • 3 days Germany Discusses Lifting Ban on Deporting Syrians
  • 2 hours French Fuel Protests
  • 23 hours Regular Gas dropped to $2.21 per gallon today
  • 17 hours Warren Buffett
  • 21 hours Is California becoming a National Security Risk to the U.S.?
  • 13 hours And Just Like That, Everybody Stopped Talking About $100 Oil
  • 1 day Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 2 days Pence says South China Sea Doesn't Belong To Any One Nation
  • 2 days Commission: U.S. Could Lose Wars With Russia, China
Alt Text

Why The EU Can't Save Iran

The EU’s plans to create…

Alt Text

The Saudis Are Hinting At Another U-Turn In Oil Markets

Many analysts believe that U.S.…

Alt Text

What’s Behind China’s New Charm Offensive?

Long-time U.S. ally, Australia, is…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

U.S. Slaps Sanctions On Israeli Oil Billionaire

The U.S. Department of Treasury has issued sanctions against Israeli billionaire Dan Gertler on allegations of human rights abuse and corruption. Gertler is a senior adviser to the Fleurette Group, which held substantial stakes in two mines in the Democratic Republic of Congo—a country notorious for child labor and other human rights abuse practices in the mining industry.

Fleurette Group sold its Mutanda stake to Glencore earlier this year, but before that, according to the Treasury, the Israeli entrepreneur "used his close friendship with DRC President Joseph Kabila to act as a middleman for mining asset sales in the DRC, requiring some multinational companies to go through Gertler to do business with the Congolese state."

This resulted in the DRC losing more than US$1.36 billion in revenues between 2010 and 2012 because Gertler arranged for mining assets to be sold at much lower prices than they were worth as the buyers were offshore entities linked to him.

What’s more, in 2013, Gertler sold back to the DRC government drilling rights to an offshore oil block in Lake Albert for US$150 million, after acquiring the rights for only half a million dollars, the Treasury also said.

The Fleurette Group held, until February this year, a 31-percent interest in the Mutanda copper mine as well as a stake in the adjacent Kansuki cobalt mine. Fleurette sold both its stakes to its partner in the project, Glencore.

The Treasury imposed sanctions on 12 other people as well, with Treasury Secretary Steve Mnuchin saying that "Treasury is freezing their assets and publicly denouncing the egregious acts they've committed, sending a message that there is a steep price to pay for their misdeeds."

Related: U.S. Asks China To Implement New Oil Sanctions On North Korea

The Democratic Republic of Congo holds proven oil reserves of 180 million barrels, although estimates peg the potential resources at more than 5 billion barrels. Gas reserves, including methane and natural gas, are estimated at around 30 billion cu meters.

The DRC is also the third-largest producer of cobalt globally, and also has substantial copper and untapped gold reserves, along with rare earths, which are essential for not just consumer electronics but for renewable energy installations and many other indispensable applications.

By Irina Slav for Oilprice.com

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
-->