Dutch oil trader Trafigura has agreed a pre-financing deal to buy crude from war-ravaged South Sudan. The company will pay $50mn to the Ministry of Finance, which will be redeemed against crude shipments in November and January, according to an oil industry source in Juba.
The first contract comprises 1mn barrels of crude, which will be shipped between 28-30 November. The first 600,000 barrels will be lifted on 28-29 November and the balance of 400,000 barrels on 30 November. Cargoes related to the second contract, also expected to be for 1mn barrels, will be lifted on 28-30 January, following a tender in late November or early December. (CONTINUED - 1054 WORDS)