Page 8 - AsiaElec Week 30 2022

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Japan’s imports of Russian oil

hit zero in June, South Korean

imports down 78%

JAPAN JAPAN’S imports of Russian crude oil regis- LNG imports during 2021.
tered at zero for the month of June, the Japa- South Korea is also cutting its Russian oil
nese Ministry of Finance said in a preliminary imports, which saw a 78% decline year on year
report released earlier this month. Russian crude during June to 706,524 bpd, according to the
imports during May amounted to 49,218 barrels Korea Customs Service. Korea’s imports of Rus-
per day. By comparison, in June 2021, Japan sian crude have seen a steady decline for the last
imported 107,942 bpd, according to official data. four months, and the country is anticipated to
Japan’s imports of Russian coal also declined completely phase out Russian crude imports by
during June by nearly 60% from a year ago to the end of the year.
765,000 tonnes. Coal imports were down from For the first half of 2022, Russia supplied
the month of May, during which Japan imported 17.61mn tonnes of oil to South Korea, down by
991,000 tonnes of Russia coal. As with oil, Japa- 37% from 28.13mn tonnes during the first half of
nese firms are also looking to phase out imports 2021. Korea imported a total of 500.22mn barrels
of Russian coal. Russia has been a big supplier of oil from global suppliers during the first six
of thermal coal and coking coal to Japan, which months of this year, nearly 7% above imports of
also relies heavily on imports from Australia. 468.25mn barrels for the same period in 2021.
Japan’s moves to reduce Russian energy Korean refiners are reported to be keeping a
imports are in keeping with commitments close watch on crude shipment costs and may be
made by G7 leaders in May to phase them out looking to import more oil from the Middle East
in response to the Russian invasion of Ukraine. rather than farther afield that could prove more
However, imports of Russian LNG to Japan expensive.
increased by more than 10% during June, offi- Both Japan and Korea are reported to be tak-
cial data said. Most Russian LNG is delivered to ing measures in order to steer clear of the sanc-
Japan through long-term contracts, but no new tions that have been imposed of Moscow for
contracts are expected to be agreed in future, its attack on Ukraine and to avoid reputational
although Russia did supply Japan with 9% of its risk.™

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