Bloomberg, 11 Jul 2012More than 15 miles offshore Singapore a black-and-red hulled tanker has been stranded for about 150 days holding South Sudanese crude worth almost $60 million, a hostage of a two-decade war.
South Sudan says its northern neighbor stole the shipment on the ETC Isis and about 2 million barrels more. Sudan says it had the right to sell the oil. The feud over the cargoes, worth more than seven days of the South’s annual economic output, has entangled lawyers in London, shipowners in Cairo, buyers in Japan, dealers in the British Virgin Islands and Trafigura Beheer BV, the world’s third-biggest oil trader. Full story
