According to govt statistics, Singapore’s imports of Russian naphtha more than tripled in the 1st qtr of 2023. After the European Union forbade the purchase of Russian oil products.
Based on Enterprises at Singapore statistics, the Asia oil hub bought 741K tonnes of Russian naphtha over the time period, nearly 23 percent of Singapore’s total imports of the refined commodity.
According to the data, this increased from the about 261K tonnes imported in the 4th qtr of previous year.
On February 5, the EU forbade the importation of Russian oil products, and the G7, the EU, and Australia set a 45 dollar limit on the export of Russian naphtha using vessels & insurance from the West.
The restrictions, which have alter the flow of international oil commerce, are intend to reduce Moscow’s income. While preserving Russian supply on the market and preserving low oil prices globally.
Singapore’s total naphtha exports increased to 946K tonnes in the 1st qtr of 2023, up 26 percent from the 4th qtr of 2022. Naphtha may be used to blend petrol and is a vital component of goods like plastics and paints.
According to the report, South Korea, China, Taiwan, and Japan are Singapore’s top exporters of naphtha.
Although not taking part in the European Union ban, Singaporean businesses deal with Russian crude oil & processed products will need to take into account and manage any potential effects on their business operations, transactions, & relationships with customers, an official said in Feb.
In contrast, Russia has been successful in finding new markets for its naphtha. With exports to Brazil, Tunisia, and commercial centres in the Middle East rising to historic levels in 2022. Analysts and traders anticipate that this trend will continue.