Tuesday, April 6, 2010

"Valero to replace crude oil hijacked off Somalia" (VLO)

From the Houston Chronicle's NewsWatch: Energy blog:

San Antonio's Valero Energy will replace about 2.5 million barrels of Iraqi crude worth more than $200 million that was hijacked off the coast of Somalia yesterday, Bloomberg reported.

A South Korean supertanker called the Samho Dream was hijacked by Somali pirates early Sunday, UpstreamOnline said. On board were five South Korean and 19 Filipino crew members. The cargo was headed to the Gulf Coast.

Valero spokesman Bill Day said the cargo was not expected for several days, so the company has time to replace the supply, Bloomberg said. According to tracking data, the ship loaded on March 21 and was scheduled to arrive in the U.S. on May 10.

"We can replace it in the marketplace," Day said.

Meanwhile, a South Korean warship was ordered to pursue the captured tanker. Government spokesman Kim Young-sun told the AP that the destroyer will need a little more than a day to catch up....MORE

South Korea Somalia Pirate.jpg
This undated file photo shows the Samho Dream supertanker.
A South Korean navy destroyer is pursuing the South Korean-owned oil supertanker
believed to have been hijacked by pirates in the Indian Ocean off Somalia, officials said Monday.