• 4 minutes "Natural Gas Trading Picks Up Considerably Amid High Volatility" by Charles Kennedy - ...And is U.S. NatGas Futures dramatically overbought at the $6.35 range?
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Revisiting: "The U.S. Grid Isn’t Ready For A Major Shift To Renewables" from March 2021 by Irina Slav at OILPRICE
  • 16 hours What China is Learning from Russia's War in Ukraine and its Consequences
  • 6 days How cheap Chinese tires might explain Russia's 'stalled' 40-mile-long military convoy in Ukraine
  • 1 day Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65
  • 4 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
How Russia Has Revived NATO

How Russia Has Revived NATO

Putin now claims that he…

Russian Oil Firm Could Sign Fuel-For-Diamonds Deal In This African Nation

Russian oil firm Tatneft could strike a deal with Zimbabwe to supply fuel to the crisis-stricken African country in exchange for diamonds, the Zimbabwe Independent reported on Friday, describing the potential deal as ‘murky’ because Zimbabwe’s Minister of Mining, Winston Chitando, told the news outlet that he was not aware of any such development.  

“It is the first time I am hearing of that. The bottom line is that it is not true. I maintain that it is not true,” Chitando told the Zimbabwe Independent.

The potential deal, reportedly worth US$1.4 billion, would see Russia’s Tatneft ship in fuel to Zimbabwe via the Port of Beira in Mozambique, according to the Zimbabwe Independent.

Last week, Tatneft’s general director Nail Maganov told Russia’s news agency Interfax that Tatneft was indeed working on an agreement to supply fuel to Zimbabwe as part of a fuel-for-diamonds deal.

“We are working on this issue. I want to say that this is a real thing… I know that the fuel supply is real,” Maganov told Interfax on the sidelines of the World Economic Forum in Davos last week.

Previous reports had it that Russia’s diamond mining giant Alrosa would also be involved in the deal.

Alrosa is not part of this fuel for diamonds scheme, Alrosa’s press service told Interfax last week. 

Zimbabwe is looking at alternatives to buying fuel amid a raging economic crisis and hyperinflation, where fuel, food, basic commodities, and necessities are scarce, while a currency shortage doesn’t allow the authorities to buy fuel on the free market.

Zimbabwe also faces a hunger crisis due to drought, the World Food Programme (WFP) said in December. The economy is in tatters, and Zimbabweans are going hungry and cannot afford basic necessities amid the hyperinflation.

A fourth-month-long doctors’ strike over pay and poor conditions also added to the long list of problems in Zimbabwe.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News