• 40 mins Aramco In Talks With Chinese Petrochemical Producers
  • 2 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 3 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 10 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 15 hours Keystone Pipeline Restart Still Unknown
  • 19 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 21 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 23 hours Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 7 days Santos Admits It Rejected $7.2B Takeover Bid

China Cracks Down Oil Smuggling Network

China

Chinese authorities have busted an oil smuggling group in the Fujian Province, in eastern China, that has since the start of the year smuggled fuel worth US$138 million, Xinhua reports.

The police arrested 99 suspects and confiscated 1,700 tons of smuggled fuel. The network, local border police reported, had been operating since June last year and involved four gangs operating nine midsized oil tankers to smuggle the fuel. The total amount of fuel smuggled to date is 180,000 tons.

The police seized seven vessels, ten oil trucks, and nine underground storage facilities that the smugglers used for the fuel. No details were provided as to where the fuel was smuggled from or to.

Smuggling is causing major headaches right now with regard to the fresh round of sanctions the UN imposed on North Korea. One of the targets of the sanctions was North Korean seafood, but, as Bloomberg reports, North Korean fishermen share the waters of the Yellow Sea with China fishermen, who often buy their produce fresh off the boat and then sell it on Chinese wholesale markets.

There are also reports that Russian companies are smuggling crude oil into the sanction-bound country, which earlier today launched another missile that flew over Japan. The sanctions have not yet come into effect and Russian oil traders are in a rush to make a quick buck by shipping oil to North Korea from the northern port of Vladivostok, U.S. government officials report.

China is North Korea’s largest trade partner and has been reluctant to cut off the country’s access to vital oil and fuel imports on concern about a humanitarian crisis that could spill over the border. It has, however, agreed to reduce its shipments of crude to North Korea, which was part of the sanction round, to come into effect from the beginning of next month.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News