News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Factbox-Who is buying Russian crude oil and who has stopped

05/02/2022 | 06:49am EDT
Models of oil barrels, pump jack and displayed Ukrainian and Russian flag colors in this illustration

(Reuters) - Here is the response by countries regarding purchases of Russian oil since the war in Ukraine started on Feb. 24 and how companies have acted.

COUNTRIES' RESPONSES

Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases but the 27 members of the European Union have not been able to agree on the embargo.

The bloc is leaning toward a ban on imports of Russian oil by the end of the year as part of a sixth package of sanctions against Russia.

Germany, the EU's largest economy, said it would be able to weather an EU embargo on Russian oil imports by the end of this year even though a stoppage could result in shortages.

Hungary said it still opposed any European Union embargo on Russian oil and gas imports.

Many refiners in Europe, however, have stopped buying Russian crude voluntarily, or promised to do so when their long-term contracts expire.

Major global trading houses are also planning to reduce Russian crude and fuel purchases from May 15.

As a result, Russian diesel exports from the Baltic port of Primorsk, a key supply source for Europe, were set to drop by more than 30% in May.

China and India, which have refused to condemn Russia's actions, continue to buy Russian crude.

Below are current and former buyers of Russian crude (in alphabetical order):

CURRENT BUYERS

BHARAT PETROLEUM

Indian state-run refiner Bharat Petroleum Corp Ltd has bought 2 million barrels of Russian Urals for May loading from trader Trafigura, two people familiar with the purchase said. The company regularly buys Russian Urals for its 310,000 barrels per day (bpd) Kochi refinery in southern India.

HELLENIC PETROLEUM

Greece's biggest oil refiner relies on Russian crude for about 15% of its intake. The company earlier this month secured additional supplies from Saudi Arabia.

HINDUSTAN PETROLEUM,

India's state refiner bought 2 million barrels of Russian Urals for May loading, according to trading sources last week.

INDIAN OIL CORP

India's top refiner has bought 6 million barrels of Urals since Feb. 24 and has a supply contract with Rosneft for up to 15 million barrels of Russian crude in 2022.

However, the refiner, which also buys crude on behalf of its Chennai Petroleum subsidiary, has excluded several high-sulphur crude grades, including Urals, from its latest tender, according to trading sources.

ISAB

Italy's largest refinery, owned by Lukoil-controlled Swiss-based Litasco SA, has been forced to source nearly all of its crude oil from its Russian owner because international banks are no longer providing it with credit.

The Italian government is considering temporary nationalisation of ISAB as one of its options if sanctions are imposed on Russian oil, two government sources told Reuters.

LEUNA

The land-locked Leuna refinery in eastern Germany, majority-owned by France's TotalEnergies, is also fed Russian crude by the Druzhba pipeline.

MANGALORE REFINERY AND PETROCHEMICALS

The state-run Indian refiner has bought 1 million barrels of Russian Urals crude for May loading via a tender from a European trader, a rare purchase driven by the discount offered.

MIRO

Russian crude continues to account for about 14% of the intake at Germany's largest refinery, Miro, which is 24% owned by Rosneft..

MOL

The Hungarian oil company, which operates three refineries in Hungary and Slovakia and Croatia, continues to buy Russian crude via the Druzhba pipeline, as well as refined products.

The company said it would take two to four years and cost between $500 million and $700 million to replace Russian oil imports in case of a full European embargo.

NAYARA ENERGY

The Indian private refiner, part-owned by Rosneft, has purchased Russian oil after a gap of a year, buying about 1.8 million barrels of Urals from Trafigura.

NEFTOCHIM BURGAS

A Bulgarian refinery, owned by Russia's Lukoil, and with Russian crude accounting for about 60% of its intake, continues to refine Russian crude.

PCK SCHWEDT

Germany's PCK Schwedt refinery, 54% owned by Rosneft, receives crude oil via the Druzhba pipeline.

PERTAMINA

Indonesian state energy firm PT Pertamina is considering buying crude oil from Russia as it seeks oil for a newly revamped refinery.

PKN Orlen

Poland's largest refiner has stopped buying Russian crude on the spot market, switching to North Sea oil, but is still buying Urals under previously signed contracts which expire by the end of this year or later.

The company, which operates refineries in Lithuania, Poland and the Czech Republic, saw its profit from refining surge in March thanks to the discount it pays for Russian oil.

SINOPEC

China's state-run Sinopec, Asia's largest refiner, is continuing to purchase Russian crude under previously signed long-term contracts but is steering clear of new spot deals.

FORMER BUYERS

BP

The British oil major, which is abandoning its stake in Rosneft, will not enter new deals with Russian entities for loading at Russian ports, unless "essential for ensuring security of supplies".

ENEOS

Japan's biggest refiner has stopped buying crude oil from Russia, while some cargoes signed under previous agreements will arrive in Japan until around April. The company plans to source alternative supplies from the Middle East.

ENI

The energy group, 30.3% owned by the Italian government, is suspending purchases of Russian oil.

No Russian crude will be used at Germany's Bayernoil refinery, in which Eni and Rosneft have stakes.

EQUINOR

Norway's majority state-owned energy firm has stopped trading Russian oil as it winds down its operations in the country.

GALP

The Portuguese oil and gas company has suspended all new purchases of petroleum products from Russia or Russian companies.

GLENCORE

The global mining and trading firm, which holds a 0.57% stake in Rosneft, said it would continue to honour its obligations under previously signed contracts, but would "not enter into any new trading business in respect of Russian origin commodities unless directed by the relevant government authorities".

NESTE

The Finnish refiner has not bought Russian crude oil on the spot market since the start of the war and is not planning to sign new deals when the existing long-term supply contract ends in July. From the start of April, the refiner has replaced about 85% of the Russian crude oil with other crudes.

OMV PETROM

Romania's top oil and gas firm, controlled by Austria's OMV has said it was preparing to wean itself off Russian crude imports, which account to about 30% of its Petrobrazi refinery's annual needs.

PREEM

Sweden's largest refiner, owned by Saudi billionaire Mohammed Hussein al-Amoudi, has "paused" new orders of Russian crude, which accounted for about 7% of its purchases, replacing them with North Sea barrels.

REPSOL

The Spanish company has stopped buying Russian crude oil in the spot market.

SHELL

The world's largest petroleum trader has stopped buying Russian crude and on April 27 said it would no longer accept refined products with any Russian content, including blended fuels.

TRAFIGURA

The Geneva-based global commodities trader plans to stop all purchases of crude oil from Rosneft by May 15 when tighter EU rules on Russian oil sales come into effect, and "substantially" reduce volume of refined products it buys from Rosneft.

TOTALENERGIES

The French oil companyhas said it would no longer enter into or renew the existing contracts to buy Russian crude oil and petroleum products, with the aim of halting all purchases by the end of 2022.

The contracts primarily cover supplies for its Leuna refinery in eastern Germany, which gets Russian crude via the Druzhba pipeline, as well as Europe's gasoil supply.

VARO ENERGY

The Swiss refiner, which owns 51.4% in Germany's Bayernoil refinery, has said it does not plan to enter into new deals to buy Russian crude.

(Reporting by Reuters; Editing by David Clarke)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) 0.17% 0.68827 Delayed Quote.-6.16%
BHARAT PETROLEUM CORPORATION LIMITED -0.63% 316.35 Delayed Quote.-17.41%
BRITISH POUND / US DOLLAR (GBP/USD) -0.09% 1.21025 Delayed Quote.-10.61%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.03% 0.77781 Delayed Quote.-1.93%
CHENNAI PETROLEUM CORPORATION LIMITED 0.64% 299.1 End-of-day quote.191.52%
CHINA PETROLEUM & CHEMICAL CORPORATION 0.49% 4.1 End-of-day quote.-3.07%
ENEOS HOLDINGS, INC. 1.44% 520.3 Delayed Quote.19.20%
ENI SPA 2.40% 11.498 Delayed Quote.-8.12%
EQUINOR ASA 5.74% 348.95 Real-time Quote.39.89%
EURO / US DOLLAR (EUR/USD) -0.06% 1.04262 Delayed Quote.-8.28%
GALP ENERGIA, SGPS, S.A. 2.58% 10.935 Real-time Quote.28.35%
GLENCORE PLC 2.28% 436.05 Delayed Quote.16.30%
HELLENIC PETROLEUM S.A. -0.32% 6.18 Delayed Quote.-0.32%
HINDUSTAN PETROLEUM CORPORATION LIMITED -0.68% 226.9 Delayed Quote.-21.86%
INDIAN OIL CORPORATION LIMITED -0.27% 74.35 Delayed Quote.0.29%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.01% 0.012673 Delayed Quote.-5.64%
LONDON BRENT OIL 0.79% 114.41 Delayed Quote.42.80%
MANGALORE REFINERY AND PETROCHEMICALS LIMITED -3.31% 78.85 End-of-day quote.82.73%
NESTE OYJ 2.15% 43.64 Delayed Quote.-1.48%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.06% 0.62167 Delayed Quote.-9.22%
OMV AG 2.68% 43.36 Delayed Quote.-15.46%
OMV PETROM S.A. 0.92% 0.4945 End-of-day quote.-0.90%
PJSC LUKOIL 0.14% 3949.5 End-of-day quote.-39.89%
PJSC TATNEFT 2.58% 433 End-of-day quote.-13.49%
POLSKI KONCERN NAFTOWY ORLEN SPÓ?KA AKCYJNA 4.73% 71.24 Delayed Quote.-8.50%
REPSOL S.A. 2.60% 13.83 Delayed Quote.32.52%
ROSNEFT OIL COMPANY PJSC -0.95% 371.6 End-of-day quote.-38.06%
S&P GSCI CRUDE OIL INDEX 2.38% 608.6263 Real-time Quote.44.17%
S&P GSCI GAS OIL INDEX -0.13% 1095.59 Real-time Quote.77.41%
TOTALENERGIES SE 4.55% 52.43 Real-time Quote.17.48%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 4.27% 56.25 Delayed Quote.-26.27%
WTI 0.67% 111.087 Delayed Quote.43.97%
Latest news "Economy & Forex"
05:53pDollar Gains 0.35% to 135.70 Yen -- Data Talk
DJ
05:53pSterling Gains 0.04% to $1.2103 -- Data Talk
DJ
05:53pEuro Lost 0.01% to $1.0425 -- Data Talk
DJ
05:53pWSJ Dollar Index Unchanged at 97.77. -- Data Talk
DJ
05:48pUkraine now says no troops yet on recovered Snake Island to raise its flag
RE
05:45pDogecoin Gained 1.03% to $0.068 at 5 p.m. ET -- Data Talk
DJ
05:45pEthereum Gained 3.43% to $1120.44 at 5 p.m. ET -- Data Talk
DJ
05:45pBitcoin Gained 2.23% to $19531.85 at 5 p.m. ET -- Data Talk
DJ
05:42pUK says to strengthen internet laws to fight Russian disinformation
RE
05:32pRooftop shooter kills 6 at July 4 parade in Highland Park
RE
Latest news "Economy & Forex"