As much as 435,000t of Russian oil products completed ship-to-ship (STS) operations off Malta for onward shipment to Venezuela in January-June, according to data from oil analytics firm Vortexa.
A total of 13 tankers were involved in the Venezuelan shipments. They loaded mostly clean products — notably naphtha, which accounted for around 330,000t. But a middle distillates cargo and a shipment of vacuum gasoil (VGO) were also spotted. The rare shipment of Russian VGO could be linked to recent efforts by Venezuelan state-owned PdV to boost scarce gasoline supplies in the country.
Using STS transfers off Malta for the creation of larger cargoes for long-haul shipments is relatively common. But the trend of onward shipments to Venezuela has developed this year, with no evidence of it happening in 2018. The naphtha shipped to Venezuela via Malta this year has typically loaded from Tuapse in the Black Sea.
Venezuela requires naphtha for blending with its extra-heavy sour crude to create a diluted crude for transport and blending. But US sanctions have blocked access to US-produced naphtha, prompting Caracas to look further afield for supplies.
Direct shipments of oil products from Russia to Venezuela have also occurred this year. Around 20,000-25,000t of gasoline and gasoline components were shipped from Ust-Luga to Amuay bay and El Palito in February, according to Vortexa data.
Just 280,000t of Russian products were shipped to the US via Malta in January-June, down from 440,000t a year earlier. Products shipped to the US from Malta include VGO and straight-run fuel oil — tight supplies of these products in Europe in recent months could have contributed to the reduction in transatlantic flows.
