Ex-Shell and Trafigura execs go on East Africa offensive with new Montfort trading firm Free
The Montfort Group run by former Shell and Trafigura executives has entered the east African market with the purchase of assets in Kenya and Mozambique.
After having long worked for the Gaddafi regime, Geneva-based Tunisian consultant Sami Jallouli has joined forces with two other creditors of Libya to seize the National Oil Corporation's shares in Mabruk Oil Operations, a joint venture between the NOC and France's TotalEnergies.
The chairman of the Libyan national oil company was suspended then brought back in the space of ten days. The whole affair proved to be an act staged by prime minister Dabaiba with help from his ally, the vice minister of hydrocarbons Al Abbar.
The chairman of Libya's sovereign wealth fund will remain in office in exchange for a payment of one billion dollars to the government. The money is a godsend for Prime Minister Abdelhamid Dabaiba, who may also be able to place his allies in the fund's subsidiaries.
French major Total is currently in advanced negotiations with the US oil company over its Libyan concession, but Tripoli could yet scupper the process. CEO Pouyanné is aiming for other concessions in Libya, home to Africa's largest oil reserves and where oil is very light.
A Nigerian firm and a Burkinabé trader based in Switzerland have joined forces with Niger's state oil firm to scoop up the areas relinquished by CNPC at Agadem (R5, R6, R7). The potential move was enabled by one of the last major energy decisions of ex-president Issoufou's government.