11-year Saudi oil scam under investigation

Jul 11, 2010 02:00 AM

Saudi Arabia is investigating a smuggling operation that illegally exported discount-priced oil to Europe for more than 11 years.
A number of unnamed companies have bought discounted oil under the guise of using it to produce chemicals domestically, but instead shipped it to unidentified destinations in Europe.

It is not clear how much oil had been smuggled out of the Red Sea industrial port of Yanbu.
A committee with representatives from the petroleum ministry, the interior ministry, Saudi Aramco, the state oil company, and three other bodies are investigating the case.

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