Russia Reportedly Considering Exchanging Fuel For Zimbabwean Diamonds

A Russian fuel company, Tatneft is reportedly keen to engage and supply fuel to Zimbabwe in exchange for diamonds.

A Reuters article published this week suggested that the head of the Russian mid-sized oil producer Tatneft, Nail Maganov was quoted by Russian news agencies on Wednesday saying that the global agreement to curb oil output, known as the OPEC+ deal, brings more uncertainty to production investment plans.

Resultantly, Maganov reportedly said, Tatneft and other Russian companies are considering exchanging fuel supplies to Zimbabwe for diamonds.

The development comes when Zimbabwe has a huge fuel deficit. The deficit, coupled with the power crisis, has worsened the state of the country’s economic affairs.

Fuel could be an alternative to electricity hence Harare could be desperate to engage Russian companies to ease an acute petrol and diesel shortage that has hamstrung many companies’ operations.

The local industry last year reported poor performance highlighted by low production and there are indications that the gloomy picture will continue to hover over Zimbabwe if a permanent and sustainable solution to the challenges is not established.

There were also some reports recently which suggested that a cartel has been using a Zimbabwean Import licence to purchase fuel in South Africa and then resell the fuel in South Africa instead of the intended destination, Zimbabwe.

More: Zimbabwe Independent


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