Somali pirates cost global economy billions

Seymour, Richard
June 2011
African Business;Jun2011, Issue 376, p48
The article reports that pirates from Somalia are costing global economy billions of dollars. The phenomenon of Somali maritime piracy began with the fall in 1991. The capturing of a Saudi tanker carrying 100 million dollars of oil caused the price of a barrel of oil to increase by a dollar. Expensive naval operations has done little to dent the impact of piracy.


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