Russia is all set to turn the flow of its hydrocarbons supplies to Asia amid growing demand, the Russian Energy Minister said Wednesday, without naming any country, amid the ongoing West Asia crisis and blockage of Strait of Hormuz.
India and China have been the main importers of Russian sea-based hydrocarbons after the European Union (EU) restricted its import of crude and natural gas supplies from Moscow over its invasion of Ukraine and is set to completely halt it by 2027.
“We have received numerous requests from Asian countries that were receiving supplies, and supply chains that were interrupted, and we are currently actively working on developing contracts for the supply of energy resources from the Russian Federation,” Energy Minister Sergei Tsivilyov told reporters here.
He said that the contracts for the supplies of crude oil, LNG, LPG and petroleum products are being discussed with most Asian countries. “We are fulfilling all our obligations under current contracts, and we have already received many requests for additional and new contracts, which are currently under discussion. These are primarily from Asian countries,” he said, without naming specific countries.
According to earlier media reports here, Russia is to start negotiations with Sri Lanka, Philippines and Thailand in the coming weeks. Tsivilyov underscored that Russia has enough resources capable of meeting both domestic energy demand and existing and potential new contracts.
The US-Israel joint attack on Iran since February 28 and the retaliation by the Islamic nation that has extended the war to the entire Gulf region has taken a major toll on energy supply chains, especially across the Strait of Hormuz. Further, Iran's restrictions on the movement of vessels through the strait and its attack on energy infrastructure in the Gulf region have sent oil prices skyrocketing the world over.
Meanwhile, Ukraine, which has opposed the lifting the US ban on sea-based Russian hydrocarbons, for the last two days has been attacking main oil exporting terminals of Ust Luga and Primorsk on the Baltic and has been trying to set them ablaze with drone strikes.
The Kremlin spokesman on Wednesday said Moscow is in touch with Turkiye over the Ukrainian threats to blow underwater Blue Stream and Turkish Stream gas pipelines.
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