Overview
- Taiyo Oil said a crude shipment from Russia’s Sakhalin-2 project is set to reach a terminal in Ehime Prefecture in early May.
- It will be Japan’s first Russian crude intake since the Strait of Hormuz was effectively closed by the U.S.-Israeli war with Iran.
- Sakhalin-2, controlled by Gazprom with Mitsui and Mitsubishi as minority partners, falls under a U.S. exemption that runs until June 18.
- Japan, which relies on the Middle East for most of its oil, has added barrels from the United States and other routes that bypass Hormuz to steady supplies.
- Other Asian buyers, including the Philippines, Indonesia, and South Korea, have also tapped Russian oil as war-risk costs and insurance limits reshape trade flows.