Gambiaj.com – (BANJUL, The Gambia) – In a discreet but highly strategic move, Russia has been channeling vast quantities of oil products into West Africa, with The Gambia emerging as one of the key recipients, according Africa Intelligence magazine. Operating from the Dubai Multi Commodities Centre (DMCC), the Russian trading firm Demex Trading has been pivotal in delivering Russian oil to several West African countries, despite the Western sanctions imposed on Moscow.
The Dubai Multi Commodities Centre (DMCC), where Demex Trading is registered, is home to the central hub of this system. This company, which doesn’t even have a website, has quietly made a name for itself in the last two years as one of the primary exporters of Russian petroleum products to West African nations.
The clandestine nature of Demex’s operations is evident in the use of tankers registered under various flags, including those of Palau, Singapore, and Panama, to transport oil to Senegal and other West African nations. These tankers deliver their cargo under the radar, often making multiple stops in different countries to obscure the origins of the oil.
Since early 2023, Demex has quietly shipped hundreds of thousands of barrels of diesel to The Gambia, according to Africa Intelligence magazine. These deliveries are part of a broader effort by Russia to circumvent international sanctions and expand its economic influence in West Africa. The Gambia, along with other nations such as Senegal, Côte d’Ivoire, and Benin, has received substantial oil shipments facilitated by Demex.
In The Gambia, Demex has used oil tankers registered in Panama to bring in oil products, some of which are subsequently redirected to other West African countries like Mali. The secrecy surrounding these operations underscores Russia’s determination to avoid the pitfalls of dealing in the West African CFA franc, often opting for payments in alternative currencies or even gold, which has been notably implemented in Mali.
Demex’s operations in The Gambia are part of a larger network that involves shadowy financial structures and strategic partnerships with local companies. This network not only allows Russia to maintain a steady flow of oil into the region but also strengthens its economic foothold in countries that are strategically important to its geopolitical ambitions.
These activities are coordinated by Mikhail Mezhentsev, the director-general of Demex, who has leveraged his connections within the highest echelons of Russian power to establish Demex as a major player in West Africa’s oil market. Despite operating under the radar, Demex has quickly risen to prominence, rivaling some of the biggest global trading firms in the region.
The case of The Gambia highlights how smaller nations in West Africa are becoming critical nodes in Russia’s broader strategy to sustain its oil exports amid international isolation. As Demex continues to expand its operations, the implications for regional trade dynamics and global geopolitical tensions are likely to grow.
Senegal Emerges as Major Hub for Russian Oil Imports through Covert Demex Operations
Senegal’s energy landscape is also significantly impacted by Russian oil imports, facilitated by Dubai-based trading firm Demex Trading, despite sanctions against Russia’s economic activities, Africa Intelligence reveals.
Between January and July 2024, Senegal received nearly 4 million barrels of Russian oil, accounting for one-third of the country’s total consumption. Elton Oil, a major Senegalese fuel distribution company led by Abderrahmane Ndiaye, is the primary recipient of these imports, distributing imported oil products through its extensive network of service stations and reselling to state-run SAR and Petrosen.
Elton Oil is partnering with Demex for strategic storage facilities, facilitating deliveries to neighboring Mali, where Russian oil is in high demand. Despite the sensitive nature of the deal, Ndiaye confirmed the partnership, revealing details about operations.
Demex’s success in Senegal and its neighboring countries can be attributed to the strong backing from the highest levels of the Russian government. The company is led by Mikhail Mezhentsev, a well-connected former executive of Transnefteproduct, a subsidiary of the Russian state-owned pipeline operator Transneft. Mezhentsev’s ties to Russian oligarch Igor Sechin, head of the state oil giant Rosneft and a key figure in the Kremlin, have been instrumental in Demex’s rapid rise.
As Demex continues to expand its footprint, Senegal’s role as a hub for Russian oil in the region is likely to grow, potentially reshaping the dynamics of West African energy markets and influencing the country’s relationships with both Eastern and Western powers.
