Gapuma Group at Argus Global Base Oils 2026
5 February 2026 This week, Gapuma Group attended the Argus Global Base Oils Conference in London –a premier gathering of over 400 key decision-makers from across the international base oils and lubricants value chain. Group Managing Director Jack Bardakjian led our delegation, and was joined on Wednesday by the Senior Leadership Team from GLB Chemical Services Limited, our Nigerian subsidiary: Prakash Ramchandani (Managing Director), Thompson Longe (Technical Sales), and Akash Suhanda (Commercial Sales). The three-day conference brought together industry heavyweights including Chevron, Chevron Oronite, TotalEnergies, Lubrizol, Yunigreen, and Orlen Oil – providing invaluable face-to-face opportunities to strengthen partnerships, explore market trends, and align on our strategic vision for West Africa and beyond. These moments of direct collaboration – sharing insights, challenging assumptions, and building relationships – are what drive our continued growth in the base oils sector and reinforce our commitment to delivering exceptional value across our global markets. Building the future of base oils together.
Is China Winning Because of Tariffs, Not Despite Them?
14th January 2026 China’s record $1.19 trillion trade surplus for 2025 poses an intriguing question: are tariffs inadvertently strengthening Beijing’s global position? Whilst Trump’s levies successfully reduced US-China trade, they’ve seemingly accelerated an unintended consequence: China’s pivot towards emerging markets. As weaker economies struggle with rising input costs and disrupted supply chains, China has expanded aggressively into Southeast Asia, Africa, and Latin America—regions where competitors lack its manufacturing scale and infrastructure depth. According to the Financial Times, China’s export machine has proved “remarkably resilient,” with green technology and AI products driving growth in new markets. The Economist notes that whilst other exporters face margin pressure from tariffs, China’s vast domestic production capacity allows it to absorb costs and undercut rivals who cannot. This creates a troubling dynamic: tariffs intended to level the playing field may actually consolidate China’s dominance. Smaller economies face a double burden—higher costs from tariffs whilst simultaneously losing market share to Chinese alternatives in third countries. Bloomberg data shows Chinese goods penetrating markets previously served by Southeast Asian manufacturers, as buyers seek the lowest prices amidst global inflation. The paradox is striking. Punitive measures meant to constrain China may be eliminating its mid-tier competition instead. With a weak yuan, overcapacity from its property crisis, and unmatched scale, China can weather storms that sink smaller vessels. The question for businesses isn’t whether to prepare for a China-dominated supply landscape—it’s whether current trade policies are accelerating rather than preventing it. Perhaps scale, not sanctions, determines who survives the tariff era.
TRUMP’S IRAN TARIFF GAMBIT: A CALCULATED RISK THAT COULD RESHAPE GLOBAL TRADE
13 January 2026 Amid the chaos continuing to envelop and ravage Iran, where a large-scale protests sparked by currency collapse have been met by a brutal crackdown by authorities—with large-scale deaths and mass arrests reported—President Trump has announced immediate 25% tariffs on nations conducting business with Iran. The move introduces a new element of uncertainty into global commerce, with potentially significant ramifications for the hard-won US-China trade détente. The tariffs target major economies including China, India, Turkey, the UAE and Brazil—all substantial Iranian trading partners. China faces particular exposure, having imported approximately 90% of Iran’s oil exports through independent refineries whilst maintaining over $9 billion in documented trade. The new levy could push cumulative US tariffs on Chinese goods from the current 30.8% to approximately 56%, threatening the fragile truce established at last October’s South Korea summit that granted Washington access to critical rare earth minerals. The policy’s ambiguity—Trump provided no details on what constitutes “doing business” or how enforcement will proceed—creates immediate complications for global supply chains. India’s $1.34 billion bilateral trade with Iran, Turkey’s $5.68 billion commerce across their shared border, and Brazil’s $3 billion agricultural exports all fall within potential scope. The UAE’s role as a re-export hub for Iranian goods adds further complexity to implementation. For China specifically, the stakes extend beyond trade metrics. Beijing secured rare earth export agreements and a presidential visit to China scheduled for April as part of the détente. Trump administration adviser Peter Navarro previously cautioned against escalating Chinese tariffs further, warning “we don’t want to get to a point where we hurt ourselves.” Whether carve-outs emerge remains unclear, though the White House has yet to publish legal authority or implementation details for the Iran-related levies. As businesses navigate this evolving landscape, the incident underscores how rapidly geopolitical developments can reshape commercial calculations, requiring organisations to maintain strategic flexibility in an increasingly volatile trading environment.
US Shutdown Begins: Gold Glitters and Sugar Holds
1st October 2025 With the U.S. government shutdown unsettling global markets, gold has surged to unprecedented levels while cryptocurrencies remain largely unaffected. As reported by DailyCoin, gold futures have broken above $3,900 per ounce for the first time in history, driven by investors seeking the safety of traditional hedges. At the same time, sugar prices are holding steady, supported by a weaker dollar and firm international demand. For Gapuma, these developments reinforce a familiar reality: in periods of uncertainty, real assets retain their appeal. Our business operates at the intersection of these macro-economic forces — from metals to soft commodities — where value is dictated not only by market sentiment but also by geopolitics, currency movements, and shifts in consumer behaviour. The message is straightforward. Confidence still gravitates towards tangible assets, and agility in supply, sourcing, and trading strategies remains the key competitive advantage.
Gapuma Strengthens Its Footprint in LATAM
30 September 2025 Gapuma continues to expand its presence across Latin America, with our Channel & Product Manager for LATAM, Sunil Bahl, completing an extended visit to Brazil from 17–26 September 2025. The centrepiece of the trip was the Abrafati Show in São Paulo (23–25 September), the region’s most prestigious gathering for the paints and coatings industry. Abrafati brings together global suppliers, regional manufacturers, and sector leaders, serving as a vital platform for innovation, networking, and business development. For Gapuma, participation in this event provided the opportunity to deepen existing relationships, explore collaborations that could introduce innovative solutions into the Brazilian market, and reinforce our engagement with global suppliers and industry stakeholders. Brazil, as one of the principal engines of growth in Latin America, remains central to our regional strategy. Sunil’s visit highlights our long-term commitment to fostering strong partnerships, encouraging knowledge exchange, and supporting sustainable growth across LATAM.
Gold: More Than a Metal
16th September 2025 When most people think of gold, they imagine vaults, bullion, and financial security. But the World Gold Council’s documentary, Touched by Gold, reminds us that this remarkable metal has always meant much more. Through the life and art of Sir Elton John, the film highlights how gold has shaped culture, creativity, and even medicine. From the glitter of a gold lamé suit at Glastonbury to the unseen gold components in pacemakers and HIV-detection technology, gold emerges not only as a symbol of wealth but also as a catalyst for human progress. This story resonates strongly in Africa, where Ghana’s gold industry has expanded to become the continent’s pre-eminent producer. Gapuma is proud to contribute to this success, supplying the chemicals essential for safe and efficient gold extraction. Importantly, we prioritise sourcing the least environmentally impactful, most sustainable options, ensuring progress goes hand in hand with responsibility. At Gapuma, we know that commodities are rarely just “raw materials.” They are resources that inspire innovation, drive industries, and transform societies in ways both visible and unseen. The story of gold, like many vital resources, is ultimately a story of people, possibility, and progress. Perhaps the lesson is this: what shines on stage can also save lives in silence.
Goodbye Petrodollar?
The SCO’s Growing Influence on Commodities 02 September 2025 The Shanghai Cooperation Organisation (SCO) may be familiar by name, but few appreciate the scale of its impact. Representing 43% of the world’s population and nearly a quarter of global GDP, the SCO is quietly reshaping global trade and commodity flows. Since the Ukraine war, trade patterns have shifted dramatically. G7 exports to Russia have collapsed, while Chinese exports have surged—transportation equipment alone is up nearly 500%. India, previously minimally reliant on Russian crude, now sources the majority of its oil from Moscow. Energy and commodity corridors are pivoting east and south. Perhaps most strikingly, SCO members are increasingly trading oil and commodities outside the dollar system, challenging financial infrastructures that have underpinned global markets for decades. For commodities players, this is not a distant geopolitical story. It represents a live reordering of supply chains, pricing systems, and financial flows, with China emerging as a primary beneficiary. Gapuma continues to monitor these developments closely, ensuring that our operations and global partnerships remain agile, informed, and aligned with evolving market realities.
Innovation in Airborne Logistics: Grid Aero’s “Lifter Lite”
20 August 2025 At Gapuma Group, we are continually inspired by innovations that redefine global supply chains. The recent unveiling of Grid Aero’s Lifter Lite offers a striking example of how rapidly the logistics landscape is evolving. Touted as the “pickup truck of the skies,” this autonomous cargo aircraft combines rugged long-range capability with ultra-low operational cost, a combination with the potential to transform both commercial and defence logistics. Backed by engineering expertise from Joby and Xwing, Grid Aero is positioning the Lifter Lite at the nexus of innovation and practical application. Our founder, Jack Bardakjian, has consistently highlighted the value of entrepreneurial boldness in overcoming inefficiencies in the global movement of goods. Breakthroughs like the Lifter Lite demonstrate the impact of ingenuity, modular engineering, and real-world logistics challenges working in concert. For commodities professionals, the “tyranny of distance” remains a persistent consideration in international trade. Technologies such as the Lifter Lite point to a future where these challenges can be bridged more efficiently, sustainably, and affordably. Gapuma looks forward to tracking Grid Aero’s progress and the ways in which this technology may reshape supply chains worldwide.
Nigeria Expands Clean Energy Logistics with New LPG Carrier
19th August 2025 Nigeria’s President Bola Ahmed Tinubu has commissioned the new 40,000 CBM Liquefied Petroleum Gas (LPG) carrier built for West Africa Gas Limited (WAGL)—a joint venture between NNPC Ltd. and Sahara Group. The commissioning of MT Iyaloja (Lagos) marks more than fleet expansion; it underscores Nigeria’s growing role in regional energy flows, particularly as LPG emerges as a cleaner transition fuel across Africa. Speaking on behalf of the President, the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, praised WAGL and its partners for their strategic foresight in bridging critical energy infrastructure gaps. From a commodities and logistics perspective, the carrier strengthens supply chains from refinery output to end-user delivery, enhancing affordability, reliability, and regional distribution. With WAGL’s fleet capacity now exceeding 162,000 CBM, plans to add both a Small Gas Carrier and a Very Large Gas Carrier (VLGC) will further integrate Nigeria into global commodity flows. The ship’s name, Iyaloja (“Leader of the Market” in Yoruba), honours Alhaja Abibatu Mogaji MFR, the late mother of President Tinubu, with the commissioning ceremony featuring a ribbon cutting by the current Iyaloja-General of Nigeria, Alhaja Folasade Mujidat Tinubu-Ojo. In commodities terms, this story is about more than ships—it highlights energy logistics as the backbone of refinery output, cross-border trade, and Africa’s integration into global clean energy markets.