LAGOS, Nigeria, May 9 (UPI) — There is a “massive” black market for crude oil stolen from Shell’s subsidiary in Nigeria, the company said in a briefing note.
Shell declared force majeure on the Nigerian blend of crude oil last week because of what it described as rampant theft from one of its oil pipelines there.
Shell said there were more than 230 cases of oil theft in 2011, compared with 187 reported in 2010.
“There is also a massive illegal refining business based on stolen crude oil,” the Platts news service quoted the company as stating. “All these have reduced the amount of oil Shell Petroleum Development Company of Nigeria is producing, created environmental and social problems from oil spills and reduced government revenue that could be used to develop infrastructure and services.” read more
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