World Bulletin / News Desk
Royal Dutch Shell may be forced to shut down "completely" its 150,000 barrel per day Nembe Creek oil pipeline in Nigeria due to persistent thefts, the company's local unit said on Monday.
The Nembe trunkline is one the most important production routes for Africa's top crude oil exporter, feeding the benchmark Bonny Light export terminal. The pipeline was replaced in 2010 at a cost of $1.1 billion, Shell says.
But criminal gangs tap into exposed pipelines in the winding creeks and waterways in the Niger Delta. Some of the crude is refined locally but the majority is transferred onto larger ships offshore and sold internationally.
Oil theft also has a devastating environmental impact, destroying fishing communities and poisoning water used for drinking and bathing in parts the Niger Delta.
Flowstations on the pipeline were shut down three times between Feb. 22 and Feb. 25 due to thefts, with each incident deferring 150,000 bpd of production, Shell said in a statement.
"This is really getting to the crunch I must say," Shell Nigeria's managing director Mutiu Sunmonu said in a statement.
"It is getting to the crunch that rather than allow people to continue to attack my pipeline and devastate the environment, I may actually consider shutting in the pipeline completely.
"...The situation in the last few weeks is unprecedented. The volume being stolen is the highest in the last three years; over 60,000 bpd from Shell alone," he said.
EU Commissioner for Jobs, Growth and Investment and Competitiveness Jryki Katainen told reporters "we should forget this phrase" when asked if that meant granting market economy status to China.
Militancy has reduced revenue from oil industry by half, senior official says
The grant was signed Monday in Nairobi to mitigate impact of forced displacements on refugee hosting communities in East Africa
The EU Trade Commissioner Malmstrom made the comment while speaking to Chinese students in Beijing ahead of a China-EU summit.
Trade Ministers Meeting in Shanghai concludes with pledge to push efforts toward trade liberalization and facilitation
Brexit raises uncertainty for consumer, investor confidence, ratings agency says
Bank of England Governor Mark Carney eases lending rules after vote for Brexit
Banca Monte dei Paschi di Siena, or BMPS, is among the banks at the forefront of those concerns with gross bad loans amounting to 46.9 billion euros ($52 billion).
Fund to be used in support of education, health, municipal, socio-economic support for refugees in Turkey
Turkish Statistical Institute says energy prices drive fall in imports
Given all the uncertainty, investors were pricing in a chance of a rate cut with some analysts expecting the Bank of England to consider quantitative easing to cushion the economy
The Egyptian stock index was down 5.8 percent in early afternoon.
The pound sterling sees its lowest level against the the US dollar in over 30 years
A subsequent survey that included people of all ages found that somewhat older Americans also are skeptical of capitalism.