Djibouti/Gazprom/Russia: Is Djibouti helping Moscow get round the oil embargo?

In June 2010, Gazprom Neft Marine Bunkering, a subsidiary of Russian giant Gazprom, established a base in the Djibouti Free Zone (DFZ), according to a report by Economic Zones World.
The move is part of the major multinational energy company’s expansion strategy, with the DFZ providing a gateway to East Africa. Gazprom is already present in West Africa and North Africa in one form or another.
Gazprom, through its local subsidiary, Red Sea Bunkering FZCO (rsbunkering.com/contact/), sells marine fuel to shipping companies, such as Maersk, and re-exports to other countries. The company has several storage tanks with a storage capacity of several thousand cubic metres and a barge at the Doraleh marine oil terminal.

At the inauguration of the project, Andrey Vasiliev, Managing Director of Gazprom Neft Marine Bunker, said: « Gazprom Neft intends to provide a first-class bunkering service to the region’s marine industry, which will further develop and strengthen our trade relations with Djibouti and the continent.
Red Sea Bunkering FZCO is part of the Great Horn Investment Holding Group, the parent company through the Djibouti Ports and Free Zones Authority (DPFZA). Red Sea Bunkering is a company under the supervision of the Djibouti Ministry of Infrastructure and Equipment.
The performance evaluation report on the public finance management system using the PEFA methodology, dated 9 March 2023, revealed that the share of capital held by the State of Djibouti is 60%, but did not specify how the 40% is divided. (pefa.org/sites/pefa/fil…)
Another source from the Djibouti Chamber of Commerce told us that the remaining 40% is split between Gazprom and members of the President of Djibouti’s family.
This company, Red Sea Bunkering FZCO, makes profits estimated at several million US dollars. And since the oil embargo imposed on Russia, the activities and profits of Red Sea Bunkering FZCO have multiplied.
If we link the statement made by Andrey Vasiliev, Managing Director of Gazprom Neft Marine Bunker, in 2010, to the inauguration of Red Sea Bunkering FZCO, we can understand that Gazprom’s objective was not only to expand its business, but also to have alternative export or re-export channels in the event of an international sanctions war.

By Hassan Cher