The Office of the Attorney General (OAG) of Switzerland has ordered Gunvor to pay almost 94 million Swiss francs ($94.7mn) for failing to prevent corruption in Congo Brazzaville and Cote d’Ivoire.
Oil traders are poised to cash in on low crude prices by storing vast quantities of the commodity until prices rise.
Global demand for supertankers is already growing as companies look to take advantage of the weakest oil prices in years.
The price of a barrel of Brent crude has plunged nearly 50% since June due to a global supply glut but the economics for storing crude at sea have until just recently remained unfavourable.
