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March 24, 2022

Japanese refiners to stop Russian crude purchases over Ukraine invasion

Japanese refiners Eneos Holdings and Idemitsu Kosan will not sign new contracts to import Russian crude oil.

Major Japanese refiners have reportedly stopped purchasing crude oil from Russia, in response to Moscow’s invasion of Ukraine, reported Bloomberg.

Eneos Holdings, one of the largest refiners in the country, has not signed new contracts to import Russian crude, following the invasion.

Eneos may alternatively seek to procure crude oil from the Middle East to meet the supply gap.

The company will continue to receive Russian supplies until at least next month based on earlier contracts, Eneos chairman and CEO Tsutomu Sugimori said in a news conference.

Another major refiner, Idemitsu Kosan, has also confirmed that it will not sign new oil import deals with Russia due to payment and logistical challenges.

A company spokesperson told Bloomberg that the decision will not impact the supply of oil products.

Another Japanese refiner, Cosmo Energy Holdings, does not import Russian crude oil and has no intentions of procuring supplies from the country in the future.

Several energy companies have announced their plans to exit Russia or suspend their activities in the country after Moscow launched a military operation on neighbouring Ukraine.

French major TotalEnergies recently announced that it will stop buying crude oil and diesel from Russia. The company will instead source crude from Poland, and gasoil from Saudi Arabia.

Oil field services company Halliburton suspended its operations in Russia while its rival firm Schlumberger stopped new investment and technology deployment to its operations in the country.

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