$20 Million of Diesel Reported Stolen from BP

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$20 Million of Diesel Reported Stolen from BP

SEATTLE -- BP Plc discovered approximately $20 million worth of diesel fuel was stolen over the past nine to 10 months from a distribution center here with a fake meter, according to a Bloomberg News report.

BP reported the fuel had been "systematically stolen," according to a Seattle police report that listed the value of lost fuel at $20 million.

However, Bill Kidd, a spokesman for BP, said the fuel stolen was worth closer to $1.2 million. "I don’t know why we have a discrepancy," he said.

Asked whether BP was insured for the loss, Kidd said, "We are self-insured for the most part. I think it’s mostly a BP West Coast products issue." Less than 1 percent of the terminal’s throughput was stolen, Kidd told Bloomberg News.

The phony meter was activated by starting and then stopping the loading process, according to the report. "Truck drivers not aware of that procedure would load diesel as usual, and the load would be accounted for," the report said.

A similar "pattern of losses of fuel" was identified at another fuel terminal in Long Beach, Calif., according to the police report.

In other BP news, the petroleum marketer is hosting "ampm Discovery Day" in Cincinnati on Feb. 4, 2009. Area franchising opportunities, including those for entrepreneurs interested in re-branding their sites, will be presented at the Cincinnati Marriott North in West Chester, Ohio. Go to www.ampmcincinnati.com to register.