Oil Heist Uncovered at Shell's Biggest Refinery
Police say 17 arrested in connection with oil theft; 11 charged; Shell expects "short delay" in operations due to case. Eleven men were charged in a Singapore court on Tuesday in connection with a large-scale oil theft at Shell's biggest refinery, while police said they were investigating six other men arrested in a weekend raid. Police in the island-state said on Tuesday they had detained 17 men, whose ages ranged from 30 to 63, and seized millions of dollars in cash and a small tanker during their investigations into theft at the Pulau Bukom industrial site, which sits just south of Singapore's main island. Oil refining and shipping have contributed significantly to Singapore's rising wealth during the past decades.
Malaysia, China to Boosting Port Connectivity
Malaysia and China are working to boost connectivity between their sea ports to raise bilateral trade to achieve a trade volume of $160bn by 2017, says a report in the Star. Transport Minister Datuk Seri Liow Tiong Lai said the two countries were also exploring the introduction of more flight routes between the two countries to promote tourism and strengthening trade ties. "We are working towards increasing efficiency and effectiveness of the ports in order to achieve a trade volume of US$160bil (RM662bil) by 2017," he said. In September 2015 China's Guangxi Beibu Gulf International Port Group bought a 40% stake in Kuantan Port Consortium for approximately USD94 million for expansion works on the biggest port in the east coast of Malaysia.
Lundin Petroleum Drills Offshore Malaysia
Lundin Petroleum AB has commenced the fourth well in its 2012 Malaysian exploratory drilling campaign. Tembakau-1 exploration well in PM307 Block, offshore east coast Peninsula Malaysia, is a vertical well to be drilled by the jackup rig West Courageous to a depth of 1,650 metres in approximately 80 metres water depth. The drilling of the well is expected to take two to three weeks. Lundin Petroleum holds 75 percent interest in PM307 through its subsidiary Lundin Malaysia BV. Lundin Malaysia BV's partner is PETRONAS Carigali Sdn Bhd with 25 percent interest. Lundin Malaysia BV operates six blocks in Malaysia, namely PM307, PM308A, PM308B, SB303, SB307 & SB308.
