Bloomberg: Russian oil getting mixed in Singapore and then re-exported

Demand is soaring for oil storage tanks in Singapore, in a sign that a flood of Russian fuel is being blended and re-exported globally, Report informs referring to Bloomberg.

Tank space in the city state is being snapped up due to a rise in interest and profits from mixing cheap fuel supplies from Russia with shipments from other sources, according to an executive from a tank operator and a consultant who advises traders on the matter. That process can help to obscure the cargoes’ origins, they said.

Singapore hasn’t banned the import of Russian oil or petroleum products, although financial institutions based in the island state are prohibited from financing or dealing with Russian goods and companies. Singapore government agencies referred to past statements on the ban and price cap policy, without additional comments.

Shiptracking data by Vortexa Ltd. showed that Singapore oil-receiving terminals took in more than double the volume of Russian naphtha and fuel oil in December 2022 as compared to a year ago. The city state received 2.6 million barrels of naphtha, nearly 40 times the volume taken a year earlier.