• 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?
  • 1 day Pence says South China Sea Doesn't Belong To Any One Nation
  • 3 hours Is California becoming a National Security Risk to the U.S.?
  • 2 days Anyone holding Nvidia stock?
  • 17 hours Why does US never need to have an oil production cut?
  • 1 day Germany Discusses Lifting Ban on Deporting Syrians
  • 10 hours US continues imports of Russian gas which it insists Europe should stop buying
  • 2 days UK Power and loss of power stations
  • 2 mins Pros and Cons of Coal
  • 4 hours Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 2 days I Believe I Can Fly: Proposed U.S. Space Force Budget Could Be Less Than $5 Billion
  • 2 days China Claims To Have Successfully Developed a Quantum Radar That Can Detect 'Invisible' Fighter Jets
  • 2 days A Sane Take on Nord Stream 2
  • 20 hours Commission: U.S. Could Lose Wars With Russia, China
Can OPEC Halt An Oil Market Meltdown?

Can OPEC Halt An Oil Market Meltdown?

Both OPEC and non-OPEC supply…

The New Bear Market In Oil

The New Bear Market In Oil

Many factors that boosted oil…

Trafigura Loses Oil-Trading Contract In Angola To Total

oil storage

Commodity giant Trafigura lost a fuel oil-trading contract with the Angolan government after the country’s new president awarded it to French Total, Reuters reports, noting Joao Lourenco has been severing ties between the Angolan state and oil companies that were present in Angola during the rule of his predecessor, Eduardo Dos Santos.

The contract—Trafigura’s last one in Angola—was for the rights to sell fuel oil. Last year, the contract covered 1.1 million tons of the fuel divided into 18 cargoes and worth a total US$450 million. According to two sources Reuters spoke to, Total will sell a similar amount of Angolan fuel oil for state company Sonangol next year.

Total is shaping up as a big winner in the Angolan oil industry reshuffle: the French company also won a contract to import about 300,000-400,000 tons of bunker fuel (previously held by Trafigura) and another, for the import of 1.2 million tons of gasoline into Angola. That second contract was previously held by Vitol.

Like Trafigura, Total has been present in Angola for a long time and recently has been expanding its footprint in the West African oil producer. The change of government has obviously helped as Lourenco stated his intentions to reform the country’s economy and break down the circle of influence built by Dos Santos and members of his family. As part of the overhaul, the new president removed Dos Ssntos’ daughter, Isabel, from the top spot at Sonangol—a place she occupied for only a short time before the elections that removed her father from the helm.

Trafigura was, according to Reuters, the biggest foreign oil player in Angola during the Dos Santos era. It held a lot of big oil and fuel contracts and also lent heavily to Sonangol, which guaranteed the loans with future sales of fuels. According to the Reuters sources, the Angolan state company had repaid what it owed Trafigura in full.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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