Oil and shipping giants offer $1.5 million to counter Somali pirates

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Oil and Gas News

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Oil and shipping giants offer $1.5 million to counter Somali pirates
by Daniel J. Graeber
The Hague, Netherlands (UPI) Sep 25, 2014

Kurds issue call to arms to cut oil from Islamic State
Erbil, Iraq (UPI) Sep 25, 2014 - The Kurdish government said Thursday it was calling on military forces to take tough action against oil smuggling from areas under terrorist control.

Military air strikes on terrorists groups in Syria Wednesday targeted 12 oil refineries used by Islamic State terrorists to generate as much as $2 million per day.

The Kurdish Ministry of Natural Resources said in a statement issued through its official Twitter account action must be taken to contain oil's role in IS financing through action by the Kurdish Peshmerga and other forces.

#KRG tasks Peshmerga, Interior Ministries, MNR & Asyaish to closely monitor & take tough measures against oil smugglers from ISIS areas— KRG-MNR (@MNRKurdistan) September 25, 2014

The Iraqi Ministry of Oil issued an appeal to U.N. member states to take action to prevent the export of smuggled crude oil. The ministry said it was troubled by reports that crude oil taken from territory controlled by the Sunni-led terrorist group was reaching the international market.

President Barack Obama said air strikes against regional terrorist targets were the foundation of a strategy that will "degrade, and ultimately destroy" the terrorist group.

Kevin Martin, executive director for U.S. advocacy group Peace Action, said cutting oil ties to Islamic State terrorists was an effective non-military means to control the threat.

A joint initiative led by leading oil and shipping companies said Thursday they were donating $1.5 million in funds to stem piracy off the coast of Somalia.

The Joint Shipping Initiative, lead by Royal Dutch Shell, BP, Danish conglomerate Maersk, Hungary's MOL, Japanese shipping companies and others, announced the funds were made available through the U.N. Development Fund.

"Piracy is a global problem that takes root in limited economic opportunities, high youth unemployment rates and poor infrastructure," Jens Munch Lund-Nielsen, a sustainability director at Maersk, said in a statement.

Two former U.S. Navy SEALs working for a security firm were found dead in a Maersk Alabama container ship in the Seychelles in February. Somali pirates in 2009 took over the ship, an incident that inspired the 2013 movie Captain Phillips.

The Joint Shipping Initiative said the lack of viable employment opportunities in war-torn Somalia serves as a recruitment tool for pirate leaders.

"Development projects that provide an alternative livelihood to would-be pirates are a vital element of the long-term solution to piracy," Grahaeme Henderson, vice president of Shell shipping and maritime services, said.

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