Oil Worth Millions News

An alleged oil heist in Singapore that has already led to 20 arrests, the seizure of at least one tanker and allegations that thieves siphoned thousands of tonnes of fuel from Shell’s biggest refinery is shining a spotlight on an illegal trade worth tens of billions of dollars worldwide. Working routes in a triangle of sea anchored by Thailand, Vietnam and Singapore and encompassing the oil facilities of Malaysia, the smugglers take advantage of a difficult-to-patrol sea and enticing black market prices, experts say.

Asian countries need to join forces to combat the piracy that makes the region's sea lanes the most dangerous in the world. Pirate booty these days include cargoes of oil worth millions of dollars rather than the treasure chests of earlier centuries, but today's buccaneers can still be cut-throat murderers. Incidents of piracy have increase 50 percent worldwide in the past year, and around half the attacks and hijackings occur in Southeast Asia. Indonesia, the world's largest archipelego state, was singled out as the country with the biggest problem at the meeting of 20 nations in Kuala Lumpur. There were over 100 acts of piracy in Indonesian waters alone last year. "We are very concerned about Indonesia, extremely concerned," P.K.