Saudi customs investigation authority has convicted 11 companies among 19 for smuggling subsidised oil products, following two months of intensive investigations.
The commission in charge of the investigation has imposed a series of sanctions against these companies, including withdrawing their trade licenses and steep financial penalties of at least US$300,000 each, according to local news paper Al-Madina.
The list of convicted companies has not been revealed and Saudi Arabia’s customs authority is unavailable for comment. revealed but sources close to the investigation said that two companies among the 11 are well known petrochemical companies.
Last February, local news paper Okadh, reported that Saudi Arabian customs authorities are conducting investigations regarding smuggling petroleum products from King Fahd Industrial Port in Yanbu to France and other European countries.
