Global commodities company Trafigura has signed a $1 billion prepayment agreement with the Republic of Gabon in a significant crude oil deal. Under the deal, Trafigura will provide the prepayment to Gabon in exchange for the future delivery of crude oil over a seven-year term, with the company acting as exclusive of Gabon’s profit oil for the duration of the agreement.
Bracewell’s Oliver Irwin, who led the team advising Trafigura, told African Law Business the transaction was a “great opportunity” to leverage the experience of the firm’s Francophone Africa upstream oil and gas practice to “deliver an excellent result for our client in a very short space of time.”
