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.
In the eurozone, Frankfurt's DAX 30 index eased 0.1 percent to 12,588.80 points and the Paris CAC 40 shed nearly 0.2 percent to 5,327.73 compared with the closing level of Friday.
"Without work for all there will not be dignity for all," the pontiff told several thousand uniformed and hard-hatted workers at the Ilva plant in the northwestern city of Genoa.
Almost a decade ago, Turkey Point was aiming to become one of the country's largest nuclear plants.
Index sees increase of 1.1 percent from April, according to official data
Oil prices tumble after OPEC extends production cuts
3 major indexes close with gains for fourth trading day in row
Agency expects China's financial strength ‘to erode somewhat over the coming years’
The British capital's FTSE 100 index of leading blue-chip companies wobbled between gains and losses during the day, before finally closing down 0.2 percent.
BIST 100 index opens 0.17 percent lower; US dollar/Turkish lira rate stands at around 3.57
With his tough rhetoric on winning back American jobs, President Trump's elevation to the White House has raised serious fears over a new protectionist era.
Southeast Asia's third-biggest economy expanded 5.6 percent on-year in January-March period, compared with 4.1 percent in the same period last year and 4.5 percent in October-December.
Uber Freight aims to connect truckers with shippers by taking piece of $256B industry