Tokyo, May 1: Japan has purchased a shipment of oil from Russia, marking the first such transaction since February 2022. This move comes as Japan grapples with its energy needs amidst ongoing tensions in the Hormuz Strait.
Over 90% of Japan’s crude oil is imported from West Asia, primarily via the Hormuz Strait. To stabilize domestic supplies, Japan is also utilizing its national oil reserves.
The oil purchased from Russia is being transported by the tanker named ‘Voyager.’ According to the Russian state news agency TASS, this tanker is expected to arrive at the Kikuma port on Shikoku Island on May 3.
The Oman-flagged tanker will deliver the oil to the Taiyo Oil refinery located on Shikoku Island. A representative from Taiyo Oil stated to TASS, “The oil being purchased is of the Sakhalin blend grade. We are collaborating with the Japanese government on this matter.”
In a related development, the Japanese government announced on Friday that it has begun releasing additional oil from its national reserves. This amount is equivalent to approximately 20 days of the country’s consumption and is being released from oil reserve centers in Ibaraki Prefecture.
According to Kyodo News Agency, a total of 5.8 million kiloliters of oil will be gradually released from 10 centers across the country.
Prime Minister Sana Takaiichi indicated that for May, Japan expects to meet about 60% of its crude oil needs through routes that do not pass through the Hormuz Strait. During a ministerial meeting on April 25, it was noted that Japan would now also receive oil supplies from Central Asia, Latin America, and the Asia-Pacific region, in addition to the Middle East and the United States.
This decision by the Japanese government follows ongoing conflicts in West Asia. Previously, to maintain energy supply stability, the government had released approximately 50 days’ worth of oil from state and other reserves.
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