Archiv: Glencore (corporation)


20.04.2021 - 20:06 [ SPglobal.com ]

Volatility in store for Chad’s oil industry after president’s death

Despite its oil wealth, Chad has been facing an enormous debt burden. Global Commodity trading house Glencore is one of the largest creditors to Chad through an oil-for-cash loan. Last year, the Chadian government requested that Glencore suspend payments on its oil-for-cash loan. The oil producer now also relies on oil-for-cash loadings from Chinese creditors.

Chad holds around 1.5 billion barrels of proven oil reserves, according to BP’s Energy Outlook 2020, making it the 10th-largest oil reserve holder in Africa. Oil accounts for almost 90% of the country’s export revenues.