Equatorial Guinea has agreed to supply Swaziland with crude oil, but the product will first need to be refined in neighbouring South Africa, the Business Report said on Friday.
Swaziland, which currently sources all of its fuel products from South Africa, does not have its own refinery.
Quoting government officials, the paper said the deal was clinched during a meeting between Equatorial Guinea President Teodoro Obiang Nguema Mbasogo and King Mswati III of Swaziland.
There were no details on the volume of crude oil to be sold to Swaziland or how the impoverished country would pay for it.
Swaziland is Africa's last absolute monarchy which analysts said has been run for years almost as a personal fiefdom by King Mswati III and now teeters on the brink of financial collapse.
South Africa has offered a bailout loan but Swaziland has refused, seeing attached conditions calling for political reforms as too stringent, government officials said.