Reference News Network, March 20 report: According to the "Nikkei" on March 20, South Korea's Ministry of Trade, Industry and Energy has disclosed on the 19th that it is exploring the feasibility of importing crude oil and naphtha from Russia. The Philippines and Thailand have also started negotiations related to crude oil imports from Russia. Due to the lack of a clear timetable for the resumption of navigation through the Strait of Hormuz, some countries are turning to import Russian crude oil.
After the Russia-Ukraine conflict broke out, as part of the sanctions measures, South Korea suspended the import of Russian crude oil. According to data from South Korean oil companies, South Korea has suspended the import of Russian crude oil since 2022, and if it restarts the import, it will be the first time in four years.
According to the South Korean Trade Association, about 70% of South Korea's crude oil imports come from the Middle East, almost all transported via the Strait of Hormuz. If the strait remains impassable for a long time, energy supply will become difficult.
In response to the situation in the Middle East, the South Korean government decided on the 18th to temporarily classify naphtha as a key material for economic security. The South Korean government will take measures such as finding alternative import sources and restricting exports to strive to ensure the stability of the supply and demand relationship.
The report said that South Korea is not the only country seeking to import Russian crude oil.
Philippine Energy Minister Galin revealed that due to the temporary relaxation of U.S. sanctions on Russian crude oil, the Philippines is negotiating with Russia. The Philippines is also negotiating with Japan, South Korea, Singapore, and other countries.
On the 17th, Deputy Prime Minister and Transport Minister Phipa of Thailand revealed that the Thai Ministry of Foreign Affairs is negotiating with Russia on crude oil procurement, and "the negotiations are making progress."
Vietnam National Oil and Gas Group has proposed to the government to suspend crude oil exports and prioritize supplying domestic refineries. There are some oil fields near Vietnam's coast, and Russian companies are involved in their development. Vietnamese Prime Minister Pham Minh Chinh has written to Japanese Prime Minister Hagiuda Hayato, requesting Japan's assistance in purchasing crude oil.
Many Southeast Asian countries rely on crude oil imports from the Middle East. Japan's crude oil reserves can support more than half a year, while the crude oil and petroleum product reserves of Southeast Asian countries are relatively small. Including private reserves and secured supply volumes, Thailand's crude oil reserves can support 95 days, Vietnam's crude oil reserves can support 50 days, and Indonesia's crude oil reserves can support more than 20 days. (Translated by Ma Xiaoyun)
Original: toutiao.com/article/7619218873821086243/
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