Nigeria vows to crack down on oil theft - Capital Business
Connect with us

Hi, what are you looking for?

COURTESY

Kenya

Nigeria vows to crack down on oil theft

AbujaNigeria August 20 — Nigerian President Muhammadu Buhari said Friday that security would be increased across the country to try to stamp out widespread oil theft, a week after a supertanker was detained off the coast of Equatorial Guinea.

“We will not allow a few criminals to have unfettered access to the nation’s crude oil supply, hence I have directed our security agencies to speedily bring to a halt the activities of these vandals in the Niger Delta,” Buhari said in a statement.

“There should be no hiding place for such criminals, and our cooperation with neighbouring countries in halting these crimes is being strengthened and tightened,” he said.

On August 12, the supertanker, MV Heroic Idun, with a capacity of three million barrels, was seized by the navy of Equatorial Guinea, days after resisting arrest and fleeing Nigeria.

Equatorial Guinea’s chief prosecutor, Anatalio Nzang Nguema, told state television TVGE that the tanker’s 25-member crew — including 16 Indians, seven Sri Lankans, a Pole and a Filipino — had been arrested.

Hundreds of millions of barrels of oil are stolen or siphoned from pipelines every day in Nigeria, Africa’s biggest producer of crude, and subsequently resold on the black market.

Visited 7 times, 1 visit(s) today

More on Capital Business

World

International oil benchmark Brent rose by 4.1% to $105.50 a barrel, while US-traded crude increased by 4.4% to $99.80.

World

In mid-morning trade, global oil benchmark Brent was up by 1.5% at $101.60 (£74.50) a barrel, as it eased back from a gain of...

World

Shell reported profits of $6.92bn for the first quarter, which was higher than analysts had expected and up from $5.58bn in the same period...

World

Brent crude futures, the global benchmark oil price, fell to below $100 (£73) a barrel after the reports. The price was over $108 earlier...

World

Brent crude briefly hit $119 (£88) a barrel on Wednesday evening, the highest price so far this month and a rise of nearly 7%...

World

In its first results since the conflict broke out, the energy giant reported profits of $3.2bn (£2.4bn) between January and March after an "exceptional"...

Top Story

The cost of a barrel of Brent crude fell to $88 (£65) a barrel after the announcement, having been above $98 earlier on Friday.

World

Global benchmark Brent crude was up by 7.3% at $102.30 (£76.32), while West Texas Intermediate was 8.7% higher at $104.94.