COMMODITIES trader Trafigura has bought a six per cent stake in oil explorer President Energy, which focuses on Latin America.

The deal, which will see Trafigura invest up to $10m (£7.7m), will help the oil firm to reduce its net debt.

According to the terms of the deal, the payment platform will take an initial $4m stake at 4.04p a share, with the option of potential further subscriptions worth $6m.

Shareholders will ratify the deal at a general meeting on 6 February.

(c) 2020 City A.M., source Newspaper