The prominent commodity trader, Gunvor, finds itself once again under criminal investigation in Switzerland, this time concerning a substantial oil contract with Gabon, estimated at approximately one billion dollars. The proceedings, spearheaded by the Swiss Public Prosecutor’s Office, are meticulously examining the conditions under which the agreement for Gabonese crude oil lifting was awarded, alongside its intricate financial framework. Geneva continues to serve as the global epicenter for hydrocarbon trading, and several of its leading players have faced legal repercussions in recent years due to African corruption cases.
A new chapter in Gabon’s oil sales scrutiny
The contract currently under scrutiny by Swiss investigators involves Gabonese petroleum shipments valued close to a billion dollars, based on publicly released details. Swiss magistrates are working to ascertain whether intermediaries received commissions specifically intended to influence Gabonese authorities in granting this significant market deal. Gabon, which holds the position of Africa’s twelfth-largest crude oil producer with an output of roughly 200,000 barrels per day, remains heavily reliant on these sales for its national budget revenues.
The operation being examined dates back to a period when Libreville was actively seeking to diversify its buyers and rapidly monetize its oil production. So-called
