According to government data, imports of Russian naphtha to Singapore substantially tripled during the first quarter of 2023 after the European Union’s embargo on Russian oil product imports.
During this period, the Asia oil hub imported 741,000 tonnes of naphtha, accounting for approximately 23% of Singapore’s total naphtha imports, up from 261,000 tonnes imported in the fourth quarter of 2022.
The G7 nations and the EU/Australia enforced this restriction, with a US$45 ban on all naphtha trades made via Western ships and insurance, in order to minimise earnings for Moscow and keep global oil prices low.
Singapore’s naphtha exports have increased by 26% since Q4 2022, with important importers such as South Korea, China, Taiwan, and Japan flocking to Singapore for their needs.
Although Singapore is not subject to the EU ban, an official urged businesses here to examine the potential consequences of trading with Russian crude oil or refined goods.
As a result, Russia has found alternate naphtha exchangers, transporting record amounts to Brazil, Tunisia, and Middle Eastern commercial hubs through 2022, arrangement traders and analysts expect to continue in the years ahead.
Reference: The Business Times, Reuters
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