Latest News

LSEG data shows that Taiwan and India were the top two destinations for Russian naphtha during August.

Data from market sources and LSEG revealed that Taiwan and India were the two main destinations of Russian seaborne naphtha in August as cheaper barrels attracted buyers.

The main destination for Russian naphtha has been the Middle East and Asia since the European Union imposed a full embargo against Russian oil products in February 2023.

Naphtha, a feedstock used in the petrochemical sector, is used to produce olefins (and aromatics), which are then processed into a variety of products such as plastics, resins, fibers, and other chemicals.

According to LSEG, the export of naphtha from Russian ports to Taiwan has more than doubled month-on-month in August to 370,000 metric tonnes and will total 1.8 million tons by 2025's first eight months.

Taiwan's Economy Minister said that private refiners would be willing to stop purchasing Russian naphtha if the EU asked them to. This was after a group non-government organisations criticized the island's continuing business with Russia.

Private companies are not restricted from importing Russian oil, as the state-owned firms have been since 2023.

Exports of naphtha from Russian ports to India totaled 151,000 metric tonnes in August, a decrease of 28% from the previous month after ample supplies.

Shipping data revealed that Russian naphtha has arrived in the ports of Mundra and Hazira in western India.

China, Singapore and Malaysia were also among the top destinations of Russian naphtha supplies in August.

All shipping data are based on date of departure. (Reporting in Moscow, Editing by Vijay Kishore).

(source: Reuters)