The Russian Federation “hides” fuel in Singapore and African countries
16.07.2024 - 16:48
The Kremlin ships surplus ultra-low sulfur diesel from its ports to storage facilities in Singapore and West Africa.
With the entry into force of the full EU embargo on Rosneft imports in 2023, Moscow has redirected diesel exports from Europe to Brazil, Turkey and various countries in Africa and Asia.
At the same time, Russia transports surplus fuel from its Baltic ports to storage facilities in Singapore and African countries. This is reported by Reuters.
According to data from Vortexa and Kpler, in May 2024, the tanker Arther loaded about 100,000 metric tons of diesel in the Russian Baltic port of Primorsk and last week reached Singapore, where it unloaded at a universal terminal.
Two other vessels — Advantage Portofino and Minerva Aries — loaded about 168,000 tons of diesel fuel in the Baltic ports of Primorsk and St. Petersburg in June. They are now on their way to Singapore or Malaysia. Another vessel, Advantage Life, loaded about 93,000 tons of diesel in Primorsk in July and is also on its way to Singapore.
Singapore is currently the center for storing oil products in Southeast Asia. Fuel volumes from Russia will likely continue to be distributed throughout the region due to the lack of demand west of the Suez Canal.
The Kremlin also increased the supply of diesel fuel to Togo in West Africa. For comparison, in June this indicator reached approximately 270,000 tons, against 40,000 tons in May. Another 66,000 tons have already been loaded onto the VLCC Monaco Loyalty for regional fuel storage near Togo.
As Reuters writes with reference to anonymous traders, this state of affairs is associated with a decrease in demand in Turkey – after Rosneft’s purchases of Urals brands rose to record levels in May.
