Commodities trader BB Energy has loaded its first South Sudanese crude oil cargo after the negotiation of new terms for the fuel that was meant to be delivered in 2025.
BB Energy took legal action against South Sudan in the London courts last year, alleging the country had failed to deliver any oil after it prepaid a combined $142 million for five cargoes in 2025 and one in 2024, according to legal documents seen by Reuters.
In November, BB Energy allowed an injunction on one South Sudanese oil cargo to expire in order to seek a resolution with South Sudanese authorities. South Sudan did not send a representative to that London court hearing.
A 600,000 barrel DAR Blend cargo was loaded onto the tanker Mardan from Bashair, near Port Sudan, on Saturday, according to Kpler data.
CONSTRUCTIVE ENGAGEMENT WITH SOUTH SUDANESE AUTHORITIES
A spokesperson for BB Energy said the shipment was "a significant and positive milestone following constructive engagement with the highest authorities at the Ministry of Finance and the Ministry of Petroleum".
The spokesperson said the parties jointly developed a comprehensive repayment framework and cargo delivery schedule, adding that further meetings set to take place in Juba in the coming days to finalise an agreement for the remaining shipments.
BB Energy's Chief Executive Mohamed Bassatne said the aim was to conclude a comprehensive agreement covering the remaining deliveries as soon as possible and to restore "the strong, mutually beneficial relationship that has characterised BB Energy’s engagement with South Sudan for many years".
(Reuters)
