The French website Afrik revealed today, Thursday, the existence of a network stretching from the Mediterranean Sea to sub-Saharan Africa that participates in the illegal trade of oil.
According to the French website, at the heart of this corruption is also a Turkish-Serbian businesswoman residing in Dubai. In less than five years, her family petrochemical company, BGN, has transformed into a key intermediary for Libyan oil, managing nearly one million barrels per day.
Complex Arrangements Involving Shell Companies
According to the same sources, estimates indicate that BGN and its subsidiaries earned $2.7 billion USD from this trade in 2023 — about 30% of the total, according to the Financial Times.
The company operates from Dubai, Istanbul, and Geneva, using complex arrangements involving shell companies and Swiss bank accounts.
The French site added that the paradox surrounding this company lies in the fact that it has succeeded in establishing its presence in Libya, where it operates in coordination with Libyan authorities.
Suspicious Transfers Worth Millions of Dollars
The website reported that the Attorney General in Tripoli is conducting an investigation into suspicious transfers worth millions of dollars from Libya.
Even more concerning, the company has entered into a partnership with another institution to obtain production rights for the Tahara oil field.
The French report continued, stating that the impact of this network extends beyond Libyan borders. The report highlights the existence of a regional network exploiting oil resources through similar methods — shell companies, obscure financial arrangements, and corruption among political elites.
Thus, oil becomes a tool of an exploitative system that spans across the entire region.
