{"id":86027,"date":"2025-05-01T00:00:00","date_gmt":"2025-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/05\/01\/africa-focused-trading-house-atmin-to-be-set-up-in-dubai\/"},"modified":"2025-05-01T00:00:00","modified_gmt":"2025-05-01T00:00:00","slug":"africa-focused-trading-house-atmin-to-be-set-up-in-dubai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/05\/01\/africa-focused-trading-house-atmin-to-be-set-up-in-dubai\/","title":{"rendered":"Africa-focused trading house Atmin to be set up in Dubai"},"content":{"rendered":"

<\/strong>Afreximbank backs new Dubai-based trade house:<\/strong> Top traders from oil giant Shell group are set to to launch a Dubai-based Africa-focused trading house \u2014 dubbed Africa Trading Minerals (Atmin) \u2014 in a move backed by African Export\u2013Import Bank (Afreximbank), two trading sources familiar with the transaction told Reuters<\/a>. <\/p>\n

What we know:<\/strong> Dubai-based Atmin \u2014 set to hire 15 employees to run its operations \u2014 will begin by focusing on crude and then expand into other oil products and minerals. Afreximbank will operate as Atmin\u2019s controlling shareholder, sources said, while employees will retain around 15% of the company. The exact investment figure Afreximbank is plugging into the venture was not disclosed by the bank.<\/p>\n

What they said:<\/strong> \u201cAfreximbank-affiliated trading entity Atmin will\u2026 participate actively in the trading and financing activities of the leading African oil trading companies with long-term relationships with Afreximbank who are also expected to support this effort,\u201d the bank noted.<\/p>\n

Who\u2019s behind the venture? <\/strong>The trade house will be headed by Shell\u2019s 17-year veteran Ajay Oommen (LinkedIn<\/a>), who headed the firm\u2019s low sulphur crude desk, a department which oversaw the trade of some 1.5 mn barrels per day of oil, the sources said. It will also include Vikram Thakur (LinkedIn<\/a>), who headed business development at Shell and spent 18 years at the firm. It will also tap Joseph Kanaan (LinkedIn<\/a>) \u2014 who brings his 11 years of experience as a trader at Shell.<\/p>\n

The bank\u2019s push into African oil trade:<\/strong> Afreximbank just launched a USD 3 bn revolving intra-African oil trade financing program to support the purchase of refined petroleum products by African and Caribbean oil buyers, the bank noted in a statement<\/a>. The figure is earmarked to provide trade finance to oil traders, banks, and governments. Africa spends some USD 30 bn annually on fuel imports \u2014 and Afreximbank\u2019s revolving facility is forecasted to fund some USD 10 bn to USD 14 bn<\/a> in Intra-African petroleum imports.<\/p>\n

In context:<\/strong> The continent is witnessing a drop in oil and gas production due to under-investment, as Western banks and major oil players shy away from Africa. That said, the continent\u2019s bns of oil and gas barrels are at risk of sitting idle, as global producers sprint to extract as many resources as possible in the wake of the energy transition capping demand for fossil fuels.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai-based Atmin will begin by focusing on crude, then expand into oil products and minerals, with some 15 employees running its operations<\/p>\n","protected":false},"author":1,"featured_media":86028,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[41],"tags":[32,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-trade","tag-uae","wpautop","entry"],"acf":{"mongo_id":"91919eb1-0fb5-4476-9d68-dcd6bfea19a9","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/2468.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Africa-focused trading house Atmin to be set up in Dubai","related_issue":[86019],"teaser":"Dubai-based Atmin will begin by focusing on crude, then expand into oil products and minerals, with some 15 employees running its operations","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.c66e9a52-e68b-4aab-bf13-b666bf278c56.mp3"},"yoast_head":"\nAfrica-focused trading house Atmin to be set up in Dubai - 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