Major Japanese refiners have reportedly stopped purchasing crude oil from Russia, in response to Moscow’s invasion of Ukraine, reported Bloomberg.
ENEOS Holdings, one of the largest refiners in the country, has not signed new contracts to import Russian crude, following the invasion.
Eneos may alternatively seek to procure crude oil from the Middle East to meet the supply gap.
The company will continue to receive Russian supplies until at least next month based on earlier contracts, Eneos chairman and CEO Tsutomu Sugimori said in a news conference.
Another major refiner, Idemitsu Kosan, has also confirmed that it will not sign new oil import deals with Russia due to payment and logistical challenges.
A company spokesperson told Bloomberg that the decision will not impact the supply of oil products.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Another Japanese refiner, Cosmo Energy Holdings, does not import Russian crude oil and has no intentions of procuring supplies from the country in the future.
Several energy companies have announced their plans to exit Russia or suspend their activities in the country after Moscow launched a military operation on neighbouring Ukraine.
French major TotalEnergies recently announced that it will stop buying crude oil and diesel from Russia. The company will instead source crude from Poland, and gasoil from Saudi Arabia.