Japan is set to import its first crude oil shipment from Russia in more than half a year, as the government pushes energy importers to stockpile fuel in a bid to avoid future shortages.
The Aframax Zaliv Baikal vessel is sailing to Japan after loading from the Sakhalin-2 facility in Russia’s far east on Wednesday, according to ship tracking data compiled by Bloomberg. Japan hasn’t imported a Russian oil shipment since May, shipping data show.
While Japan has joined other western allies in sanctioning Russia over its invasion of Ukraine, the Asian nation has stopped short of taking strict measures on oil and natural gas. The government has said that Russia’s Sakhalin-2 export project is a key source of Japan’s liquefied natural gas supply, and the production and import of its oil is required for stable operations.
The shipment comes as Moscow banned exports of Russian crude oil and refined products to foreign buyers that adhere to a price cap. Japan said last month that shipments from the Sakhalin-2 export project will be exempt from the price cap.
Still, Japan has greatly reduced oil imports from Russia — especially from the Sakhalin-1 oil and gas project — since the war began, as refineries looked to diversify supply.
Japan’s Taiyo Oil Co. was the buyer of the latest shipment from Russia, and it plans to split the cargo between two discharge terminals at Kikuma and Namikata, according to a statement on Sakhalin Energy’s website dated Dec. 19.
--With assistance from Tsuyoshi Inajima.
©2022 Bloomberg L.P.
