Oil smuggled from ISIS-held territories in Libya reaches Italy where it is refined and then resold into European energy markets for three times the price. This exposé was made by the Italian Finance Guard’s classified report dated February 2017 (special police center for currency issues).
Annual loss in taxes worth two billion euros
Firefighters try to put out the fire in an oil tank in the port of Es Sider, in Ras Lanuf, Libya, believed to be caused by ISIS - January 6, 2016. (Reuters)
Oil smuggling ISIS’s core business
Oil workers and firemen try to extinguish flames at the Khabbaz oil field some 20 km away from Kirkuk on June 1, 2016 following an attack by ISIS. (AFP)