Vitol, the largest independent energy trader in the world, has agreed to acquire stakes in key oil and gas assets owned by Italian oil supermajor Eni in Côte d’Ivoire and the Republic of Congo for at least $1.65bn, as the commodity trading giant continues to expand its energy portfolio in Africa.

The deal, announced on Wednesday (March 19), will see Vitol acquire a 30% interest in the Baleine oil and gas project in Côte d’Ivoire and a 25% stake in the Congo LNG project in the Republic of Congo.

The transaction deepens Vitol’s longstanding relationship with Eni in West Africa, where they are already partners in Ghana’s OCTP and Block 4 projects.

“This agreement further consolidates cooperation between the two companies in West Africa,” Eni said in a statement.

When completed, the transaction’s total value could reach $2.7bn, an Eni spokesperson said in a Bloomberg report. The sale aligns with the Italian supermajor’s strategy to optimise its upstream activities by reducing stakes in exploration discoveries while unlocking early value, following its so-called dual exploration model.

Vitol, a Swiss-based Dutch multinational, has been rapidly acquiring energy assets as it looks to reinvest massive profits amassed during recent market volatility. The deal with Eni follows Vitol’s purchases of rival Noble Resources, a stake in refiner Saras SpA, and fuel stations in Turkey and South Africa.

The Baleine project in Côte d’Ivoire, in which Eni retains a 47.25% interest, is set to ramp up production to 150,000 barrels per day (bpd) of oil and 200mn cubic feet of gas per day (mmscfd). Meanwhile, Congo LNG, currently exporting, is expected to boost output to 4.5bn cubic metres of gas exports annually by the end of 2025.

Vitol has maintained a strong presence in West Africa, not only in upstream oil and gas but also in infrastructure and downstream investments. The company’s current equity production stands at approximately 70,000 barrels of oil equivalent (boe) per day, sourced from its Ghana joint venture with Eni and its shale oil and gas operations in the United States.