Japanese company resumes purchases of Russian oil

Japanese oil refiner Taiyo Oil has resumed purchasing crude oil from Russia, viewing it as an alternative to supplies from the Middle East.

Source: the Nikkei Asia news outlet

Details: Taiyo Oil is Japan's fourth-largest oil refiner. It recently conducted a spot purchase of crude from the Russian Sakhalin-2 project in the Far East.

Nikkei Asia stated that the initiative to acquire this shipment had come from Japan's Agency for Natural Resources and Energy.

The company said the purchase does not violate international sanctions, meaning the shipment can be transported without legal risk.

MarineTraffic data shows that the tanker Voyager, sailing under the flag of Oman, has departed from the southern Sakhalin area and is expected to arrive in Japan's Ehime Prefecture on 3 May.

However, the vessel Voyager itself is under US sanctions. Despite this, Taiyo Oil insists the transaction is legally sound.

Japan relied on the Middle East for around 95% of its oil imports before the war between the US and Israel against Iran and the effective disruption of shipping through the Strait of Hormuz. Tokyo is seeking alternative supply routes and sources due to the new risks.

Background: Brent crude prices surged to a four-year high on 30 April amid concerns that renewed fighting could cause further disruptions to global energy supplies.

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