• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 37 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days Does Toyota Know Something That We Don’t?
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 10 hours America should go after China but it should be done in a wise way.
  • 6 days China is using Chinese Names of Cities on their Border with Russia.
  • 7 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 7 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 7 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 6 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 7 days Putin and Xi Bet on the Global South
  • 7 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 8 days United States LNG Exports Reach Third Place
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
U.S. Aluminum Market Roiled by Closure of Major Smelter

U.S. Aluminum Market Roiled by Closure of Major Smelter

Aluminum prices experience a slight…

$2.3 Million Seized Following Singapore Oil Heist

The Singapore police have arrested seventeen people and have seized millions of dollars in cash after a raid prompted by a complaint about a theft from Shell’s biggest refinery in Pulau Bukom. Among the detainees, there are “a limited number of Shell employees,” the police said as quoted by Reuters.

Eleven of the seventeen men were charged with criminal breach of trust at the refinery, Singapore media reported, adding that two Vietnamese nationals were arrested in a related case. The two had received 1,260 metric tons of crude oil despite having reason to believe it was stolen, the Straits Times reported.

Almost US$2.3 million was seized during the raid, as well as a small tanker with deadweight of 12,000 tons. Shell reported the theft last August, but has declined to say how much oil the thieves had stolen from the refinery.

Pulau Bukom is Shell’s largest processing facility in the world in terms of crude oil distillation capacity, which stands at half a million barrels of crude daily. The complex also includes a steam cracker with a capacity to produce over 900,000 tons of ethylene annually.

Last December, the Pualu Bukom site suffered a fire, but the damages were limited as Shell quickly extinguished it, reporting that there would be no impact on its customers.

Related: Trump Proposes Most Aggressive Offshore Drilling Plan Ever

Singapore is a major global oil trading hub and the biggest oil refining center in Southeast Asia. Much of the city-state’s wealth comes from the oil industry, and Shell is among the sector players with the longest presence there.

Thanks to its status as an oil hub, Reuters notes, Singapore is also a center for illegal oil trading, with oil siphoned off tanks and stolen at sea. There was a sharp increase in oil theft between 2011 and 2015, according to data from the Regional Cooperation Agreement for Combating Piracy and Armed Robbery. Since then, thefts have been on the decline, but remain a concern, especially in the South China Sea.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News