Gold prices in Egypt on July 3    Egypt's Qalaa Holdings Q1 revenues climb 134%, winning over global challenges    Egypt introduces first beach for visually-impaired guests in Alexandria    Egypt's athlete Basma Emad wins bronze in weightlifting in Mediterranean Games    Gold prices in Egypt on July 3    Saudi citizens could enter Schengen countries visa-free    Egypt's Petrojet returns to Libyan oil sector after 11 years    Cemex, VeryNile sign deal for Egypt's Nile River    NATO remarks Egypt's role in maintaining stability in Middle East and Africa    Congo needs Egypt's expertise to diversify its economy – FPI official    Dostarlimab drug cures rectal cancer patient 100%, trials show    Egypt: A royal train turns into a new tourism attraction    For the first time John Legend to perform in Egypt    Egypt discovers newly treasure trove of ancient artifacts at Saqqara Necropolis    Noura Al-Mutair – first Gulf female boxer in World Championships    Liverpool fans: "You'll Never Walk Alone" to Cristiano Ronaldo    Egypt to play key role in integrating water, climate issues globally – World Bank official    Maha karara joins AAIB as Head of Corporate Communications, Sustainability    Egypt works on charting cooperation strategies with international institutions for 5 years: Al-Mashat    Over 2.4 million newborns examined for hearing impairment: Health Ministry    Netflix releases trailer of Arab adaption of 'Perfect Strangers' film    Balqees to headline concert celebrating launch of streaming giant LIVENow in MENA    Sawsan Badr to be honoured at Aswan Women Film Festival    MP Abdel Hady Al-Qasby calls government to facilitate and support NGOs    Al-Sisi follows up on 'Great Transfiguration Project' in St. Catherine    Cairo, London stress need to strengthen cooperation to face climate change    Foreigners account for 22.6% of Egypt's T-bills issuances in 1H 2021: CBE    Egypt's ambassador to Italy passes away    Egypt confirms readiness to help African countries face terrorism and extremism    An estimated 235 million people needed humanitarian assistance and protection in 2021, an increase of 40% compared to 2020: IOM Egypt    Egypt, DRC discuss water cooperation during WYF    Egypt, DR Congo discuss boosting bilateral cooperation during WYF    Cameroonian police probe assault on three Algerian journalists covering AFCON    Pharaohs start AFCON 2021 campaign with fierce clash against Nigeria    Foreign Ministry opens capacity building course for French-speaking African diplomats    Egypt's trade with Nile basin countries climbs 26% y-o-y in 9 months    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



IS oil trade 'worth more than $500m'
Published in Albawaba on 12 - 12 - 2015

The so-called IS has made more than $500m (£330m) trading oil, a US treasury official has said.
Its "primary customer" has been the government of Syria's President Bashar al-Assad, despite its ongoing battle to overthrow the regime, Adam Szubin told the BBC.
IS had also looted up to $1bn from banks in territory it held, he said.
A US-led coalition has been bombing IS targets, including oil facilities, in Syria and Iraq for over a year.
IS' finance chief was recently killed in one such mission, Pentagon officials announced on Thursday.
"The two are trying to slaughter each other and they are still engaged in millions and millions of dollars of trade," Mr Szubin said of Syria and IS, in comments reported by Reuters news agency.
The group was estimated to be making as much as $40m a month from the oil trade, including from buyers in Turkey, he added.
Cutting off the group's cash flow was a key part of the coalition strategy to defeat IS, he said.
Unlike other designated terrorist groups, IS did not rely on funding from foreign donors, but generated money from its own operations, Mr Szubin said.
The US-led coalition has recently launched a military campaign, dubbed Tidal Wave 2, intensifying air strikes on IS oil fields, refineries and tankers being used by the group.
IS currently generates around $80m a month, mainly from oil revenues, according to findings focusing on late 2015 from UK defence consultancy IHS.
Other sources include taxation, drug and antiquities smuggling, robbery and kidnapping and the sale of electricity, it found.


Clic here to read the story from its source.