Media: Russian oil in Singapore is mixed with other grades to circumvent sanctions

Demand for onshore oil storage tanks and floating offshore storage facilities has increased in Singapore. In these tanks, exporters mix cheap Russian oil with more expensive grades, and then sell it on the market.

This is reported by Bloomberg. As the publication notes, this is done in order to circumvent Western sanctions and increase the profit from the sale.

William Tan, senior vice president of the Singapore consulting company Miyabi Industries, reports that the sale of mixed oil increases the profit of traders by up to 20%, while it is possible to earn only about 10-12% on pure oil. The expert added that this trend has been observed since October last year.

Advario Asia Pacific Pte also noted an increase in the number of requests for the lease of oil storage tanks. The shipping company Vortexa Ltd confirmed that in December last year they received twice as much Russian oil and fuel oil compared to the same period last year. Petroleum products are mixed and sent to the market of Northeast Asia.