SINGAPORE, April 6 (Reuters) - Singapore's diesel
imports from Russia hit their highest volume in more than a year
in March and are likely to stay elevated in April, according to
government data and industry sources.
Global oil trade flows have changed since Europe banned
imports of Russian oil products from Feb. 5 and the Group of
Seven Nations, EU and Australia imposed a $100 cap on Russian
diesel trade using western ships and insurance.
The curbs are aimed at restricting Russia's revenues while
keeping a lid on prices by allowing supplies into the market.
Data from Enterprise Singapore, Refinitiv, Vortexa and an
analyst showed Singapore's March diesel imports hit 46,000
tonnes (342,700 barrels) after the tanker Stemnitsa arrived on
March 24 from the Russian port of Nadhodka and discharged the
only cargo for the month.
Singapore's Russian gasoil imports last hit an all-time high
of 95,000 tonnes in December 2021, but the Asian oil hub
received only 20,000 tonnes of the industrial fuel from Russia
in 2022, Refinitiv data showed.
At least one 44,000-tonne cargo of ultra low sulphur diesel
is also expected to land in Singapore from Kaliningrad in April
after a ship-to-ship transfer, the data showed.
Traders expect Russian diesel imports into the Asia oil hub
to be sporadic as the oil has to compete with supplies from the
region which have shorter shipping distances.
Singapore is not party to the EU ban but a government
official said in February that companies in the country will
have to consider and manage any potential impact on their
business activities, transactions, and customer relationships
when dealing with Russian crude oil and refined products.
Singapore typically imports gasoil from South Korea, Taiwan
and China and exports mostly to Malaysia, Vietnam and Australia.
(Reporting by Trixie Yap; Editing by Alexander Smith)
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