In the hermetic world of commodity trading in West Africa, liquidity is the ultimate measure of sovereignty. Since 2026, Addax Energy SA, the trading arm of the giant Oryx Energies at the port of Las Palmas, has a revolving credit facility (RCF) of 220 million dollars, marking a turning point for the stability of Mauritania. The success of this refinancing allows Oryx to maintain its operational excellence along the Las Palmas-Mauritania-Dakar axis, ensuring that, despite market volatility, the ports and power stations in the Mauritanian desert continue to receive the vital flow of energy under restrictive interest rates. A message of confidence to both markets and regulators in Nouakchott. The credit facility, initially oversubscribed and guaranteed by the parent Oryx Energies SA, has been structured by an elite syndicate led by Natixis CIB and Société Générale. The scale of the operation is reflected in the substantial banking syndicate that has validated the company’s business model. The deal has been spearheaded by eight lead managers and authorized top-tier arrangers: CA Indosuez (Switzerland) SA, Commercial Bank of Dubai, ING Bank NV, Natixis CIB, Nedbank Limited (London Branch), Société Générale, The Standard Bank of South Africa Limited and UBS Switzerland AG. Coordination of the syndication fell to Natixis CIB, while UBS and CA Indosuez took on the roles of financing and documentation agents, respectively. The financial backing extends to a second level of trust composed of a diverse group of 11 additional entities. Among the banks that make up the syndicate are regional giants and specialists in international trade such as ABSA Bank Limited, Al Ahli Bank of Kuwait KSCP (DIFC Branch), Arab Banking Corporation SA, Banque Cantonale de Genève, Banque de Commerce et de Placements SA, Banque Internationale de Commerce – BRED (Suisse) SA, Cooperatieve Rabobank UA, Credit Europe Bank (Suisse) SA, EBI SA Groupe Ecobank, The National Bank of Ras Al-Khaimah (PSC) and the Union of Arab and French Banks. The fact that banks of the stature of ING, UBS and Standard Bank have validated the business model of Addax underscores the operational strength of a group that has managed to navigate the geopolitical uncertainties of the Sahel. For the company led by Stephen Paris, CFO of Oryx Energies, this credit is not just a liquidity cushion but the necessary tool to execute an ‘ambitious investment program’. For Mauritania, this translates into greater resilience against external shocks in oil prices. Mauritania: a market of exclusivity and risk Addax’s position in Mauritania is unique. As a strategic supplier, the company has recently renewed its partnership with the Mauritanian state following the withdrawal of competitors like Litasco. This dominant position carries a systemic responsibility: Addax manages not only the importation of hydrocarbons but also plans to construct a fuel storage facility of 100,000 cubic meters in Nouakchott to mitigate the country’s historic storage shortage. The Mauritanian market consumes approximately 1.13 million tons of petroleum derivatives annually. In a system where 80% of energy and water desalination directly depend on these flows, any disruption in the payment or supply chain could lead to an economic collapse. The injection of 220 million dollars thus serves as insurance against shortages in critical sectors such as iron ore mining and fishing. A survival model in the African downstream sector The financial chronicle of Oryx highlights a strategy of adaptation in the face of competition from new mega-refineries in the region, such as Dangote’s in Nigeria. While other operators struggle to maintain their margins, Addax has chosen to shield its short-term capital structure with 364-day extension options and expansion clauses up to 250 million dollars. Under the Build-Own-Operate model, the company is transforming its role from that of a simple trader to that of a manager of critical infrastructure.
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