In a bold move poised to reshape the African oil trading landscape, a group of former Shell oil traders have launched Africa Trading Minerals (Atmin), a new energy trading firm headquartered in Dubai.
Backed by the African Export-Import Bank (Afreximbank), the initiative arrives at a critical time when Africa faces mounting energy challenges—declining production, rising fuel imports, and reduced investment by global oil majors.
Veteran Leadership and Strategic Timing
Ajay Oommen, the former head of Shell’s low sulphur crude desk, will lead Atmin. With over 17 years at Shell and experience managing up to 1.5 million barrels of crude per day, Oommen brings extensive expertise in African crude flows. Joining him are Vikram Thakur, a veteran in business development and structured finance, and Joseph Kanaan, a seasoned oil trader. Together, they form a core team of 15 that blends deep industry knowledge with pan-African insight.
Atmin plans to begin with crude oil trading and later expand into oil products and minerals, signalling a long-term strategy tied to Africa’s energy and commodity future.
Also read: Afreximbank Launches $3B Programme to Boost Africa’s Oil Refining
Afreximbank’s Strategic Stake
Afreximbank, the pan-African trade finance institution, will be the major shareholder in Atmin. While full ownership details remain undisclosed, sources confirm that employees will hold a 15% equity stake. The move reflects Afreximbank’s increasing role in not just financing but actively participating in intra-African trade, especially in energy.
The bank recently unveiled a $3 billion revolving oil trade financing programme to reduce Africa’s $30 billion annual fuel import bill and boost intra-continental trade. Atmin is expected to play a strategic role in operationalising this programme.
Filling a Void Left by Global Majors
Atmin’s launch coincides with a broader retreat by traditional energy giants and Western financiers from African markets. Companies like Shell and BP have scaled down upstream investments, citing climate targets and global portfolio adjustments. Yet, Africa remains heavily dependent on oil—both as an export and for domestic consumption.
“African oil and gas reserves risk being stranded if current investment levels persist,” noted a source familiar with Atmin’s strategy. The new firm sees itself as bridging the gap between Africa’s potential and the capital required to unlock it.
Also read: South Africa Launches New BEE Framework to Drive Inclusive Growth in Oil and Gas Sector
A New Vision for African Energy
By integrating trading expertise with development finance, Atmin could become a model for Africa-centred energy ventures. Its establishment also marks a shift in how African institutions approach value chains—not only as financiers, but as equity partners shaping trade flow dynamics.
As the continent prepares for the next phase of industrialisation and regional integration under the African Continental Free Trade Area (AfCFTA), Atmin’s arrival could not be timelier. It is a bet on Africa’s resources, talent, and markets—and on the power of Africans taking charge of their energy future.
