Japan's Feb naphtha imports drop to lowest in 14 years

Spanish Market: Oil products
30/03/23

Japan's naphtha purchases in February dropped below 1mn t for the first time since February 2009, marking their lowest level in 14 years.

Japan imported around 999,000t of naphtha in February, down by around 19pc on the year and by 32pc on the month, according to preliminary data released by the Japanese finance ministry on 30 March.

Japanese naphtha importers have been cutting purchases because of weaker domestic and export demand for petrochemical products, resulting in lower cracker run rates. February operating rates averaged 81.1pc, down from 92.3pc a year earlier and 81.5pc in January, although there were no crackers having turnarounds, Japan Petrochemical Industry Association (JPCA) data show.

The country's ethylene production declined by 0.8pc from a year earlier and by 10.1pc from the previous month to 433,600t in February, according to JPCA.

By Maiko Nakashima

Japan's naphtha imports					t
	Feb-23	Jan-23	Feb-22	Y % ±	M % ±

Saudi Arabia	185,910	144,876	0	-	28.3
UAE	118,735	444,871	418,056	-71.6	-73.3
Kuawait	130,432	265,660	104,215	25.2	-50.9
Qatar	190,041	220,927	141,283	34.5	-14
Bahrain	45,157	67,803	26,314	71.6	-33.4
South Korea	99,946	105,606	56,612	76.5	-5.4
Malaysia	3,435	0	0	-	-
India	0	23,312	84,085	-100	-100
China	0	0	0	-	-
Indonesia	0	0	0	-	-
Singapore	28,594	2,065	35,236	-18.8	1,284.7
Thailand	27,116	0	0	-	-
Russia	0	0	43,483	-100	-
Australia	0	35,068	34,052	-100	-100
US	16,864	53,466	114,192	-85.2	-68.5
Others	152,914	113,120	170,413	-10.3	35.2
Total	999,144.4	1,476,774.6	1,227,940.9	-18.6	-32.3
					Source: Finance ministry

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19/05/26

Iran launches maritime authority, insurance platform

London, 19 May (Argus) — Iran has launched a new maritime authority to tighten its control over shipping in and around the strait of Hormuz. It has also introduced an insurance platform to provide cover for Iranian shipping and cargoes transiting the waterway. The Persian Gulf Strait Authority (PGSA) will manage navigation through the waterway, while the "Hormuz Safe" platform will offer "secure digital insurance for maritime cargo" for Iranian vessels transiting it. The PGSA will act as the legal authority representing Iran in managing transit through the strait, according to Iran's semi-official Fars news agency. Vessels intending to transit the waterway will receive rules and regulations from the authority and must obtain a permit to pass, state news agency Press TV said. Ships must comply with this framework. Passage without permission will be considered illegal, Fars reported. Iran claimed control of a broader area of the strait and surrounding waters on 4 May, from the western-most point of Iran's Qeshm Island to Umm al-Quwain on the UAE's west coast, and from Kuh Mobarak in Hormozgan province to southern Fujairah on the UAE's east coast. Separately, the Hormuz Safe platform will provide Iranian shipping companies and cargo owners with "fast, verifiable digital insurance", according to its web page. It will offer cover for cargoes in the Mideast Gulf and surrounding waterways, with payments settled in cryptocurrency. There is no indication that Hormuz Safe policies extend beyond Iranian ships and cargoes. Iran has launched the initiatives as geopolitical tension remains high in the Mideast Gulf. The US and Israel's war with Iran has involved strikes on shipping in and around the strait of Hormuz, pushing up western insurance costs and sharply reducing traffic through the waterway. A ceasefire is now in place, but the Iranian Revolutionary Guard Corps' tight control of the strait and a US naval blockade of Iranian ports continue to weigh on exports of oil, gas and other commodities from the region. Iran created an official PGSA account on social media platform X on 18 May to provide operational updates and developments related to shipping through the strait. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Swiss WinGD sells first ethanol -fuelled marine engines

19/05/26

Swiss WinGD sells first ethanol -fuelled marine engines

Sao Paulo, 19 May (Argus) — Swiss marine engine manufacturer Winterthur Gas and Diesel (WinGD) has sold its first two ethanol-fuelled marine engines. It said last year that it would begin offering the technology . The engines will power two ore carriers to be built for China's Shandong Shipping to operate under charters for Brazilian mining group Vale. WinGD will build the engines by modifying its methanol-fuelled model, as ethanol and methanol share similar properties and combustion characteristics. "This is a clear signal that the shipboard technology and fuel infrastructure around ethanol as a marine fuel are ready, giving confidence to others considering ethanol as an option for maritime decarbonisation," said WinGD executive director of sales Volkmar Galke. Ethanol has gained traction as a marine fuel because of its potential to comply with greenhouse gas (GHG) emissions regulations. Last week, the IMO Marine Environment Protection Committee (MEPC 84) added Brazil's second-crop corn-based ethanol as a recognised fuel pathway in its life-cycle assessment (LCA) guidelines for marine fuels . Although ethanol is not a drop-in fuel, meaning vessels require retrofitting to run on it, it can absorb surplus production from countries such as Brazil. But FuelEU Maritime and the EU Renewable Energy Directive (RED III) — European regulations considered the world's most advanced for shipping — do not accept biofuels made from food crops, known as first-generation fuels, for emissions reduction because of food security risks. By Natália Coelho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Venezuela lawyers say Citgo value up on war

18/05/26

Venezuela lawyers say Citgo value up on war

Houston, 18 May (Argus) — The value of US refiner Citgo has increased substantially because of the war in Iran, so a court-mandated sale of the refiner should be halted, lawyers for Venezuela said in a filing last week. Venezuela state-owned PdV, the parent company and owner of Citgo, and Venezuela have long argued that the refiner has been undervalued in the auction and have protested a US court's decision last year to pick a $5.9bn bid from Amber Energy, an affiliate of New York hedge fund Elliott Investment Management, as the winner. In the months since a sale hearing in the case, the "value of publicly traded refiners has increased significantly", the lawyers for Venezuela said in a filing released on 14 May in the US District Court for the District of Delaware. Based on the increase in stock price for fellow US independent refiners since August and using a conservative calculation discussed in the court case, Citgo should be valued at $15.1bn, more than double the Amber bid, the filing said. The lawyers for Venezuela also allege that selling Citgo for $5.9bn would constitute a "historic windfall for a hedge fund that has extracted an unconscionable bargain from a conflicted and failed process", according to the court filing. During the court case, lawyers for Citgo and PdV argued that the refiner was worth $18.6bn, which was rejected by US district judge Leonard Stark as "non-credible and unpersuasive." Stark concluded in a 25 November opinion that the fair market value of Citgo was under $10bn. Amber's $5.9bn bid included a separate agreement to settle litigation claims with 75pc of a group of PdV bondholders for $2.13bn. Citgo's three US refineries, as well as its lubricant plants and midstream and retail assets, are being auctioned off to satisfy debt defaults and expropriations owed by PdV. Amber last month urged the US Office of Foreign Assets Control (OFAC) to give a final authorization required for the sale, arguing that it would invest more than $11bn to modernize and expand Citgo's operations which would put "downward pressure on fuel prices", according to a statement on the company's website which was originally published in the opinion section of The Wall Street Journal . The fate of Citgo has been murky since the US ousted former president Nicolas Maduro on 3 January and subsequently lifted sanctions on Venezuela's oil exports. Even though it is owned by PdV, Citgo has operated under a board appointed by the Venezuelan opposition and vetted by the US government since 2019, after the US denounced Venezuela's 2018 presidential election as illegitimate. Since then, the US has recognized the government led by interim president Delcy Rodriguez and restarted diplomatic relations. OFAC last month lifted most restrictions on financial dealings with Venezuela's central bank and other financial institutions, as well as with the government overall. Venezuela's government said last week that it plans to restructure all of its sovereign debt and that of PdV, which could reach up to $160bn. Meanwhile, Citgo reported a profit of $157mn in the first quarter, compared with a loss of $82mn in the first quarter of 2025, pushed by soaring fuel prices because of the war in Iran, which has choked off oil and products supplies through the strait of Hormuz. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Q&A: Liwathon could handle Kazakh supply for Europe

18/05/26

Q&A: Liwathon could handle Kazakh supply for Europe

London, 18 May (Argus) — After Moscow suspended the delivery of Kazakh crude to PCK's 204,000 b/d Schwedt refinery in eastern Germany through the northern leg of the Druzhba pipeline in April, Estonia's Liwathon sees an opportunity to offer an alternative route. Its chief executive Merika Nimmo spoke to Argus, and editied highlights follow. As Kazakh crude supplies to Schwedt come under pressure, how is Liwathon positioning itself to offer alternative supply solutions to Europe? Our Muuga Harbour terminal in Estonia combines deep-water access, significant storage, and integrated sea, rail and road connectivity, offering Kazakhstan a genuine multimodal gateway to European markets. Cargoes can arrive by rail directly into the terminal, by vessel at the port for storage, blending and onward distribution across Europe. For PCK Schwedt specifically, our infrastructure can support alternative delivery and storage solutions into the European market, giving refiners and the Kazakh side meaningful optionality where pipeline routes are under strain. The recent suspension of Kazakh crude transit to Germany via Druzhba illustrates the vulnerability of single-corridor reliance. Estonia offers a credible contingency route, capable of being activated when established channels face technical, operational or geopolitical disruption. For traders, the commercial logic is reinforced by blending and optimisation capability at the terminal, which improves trade economics and supports consolidation of smaller producer volumes seeking European market access. How willing are European buyers to lift this Kazakh product flow from Liwathon storage? European buyers continue to prioritise supply security, route diversification and logistical flexibility, and are increasingly evaluating infrastructure that can deliver reliably through periods of disruption. Independent terminals with strong maritime access, storage flexibility and efficient customs handling are attracting growing attention. Commercial viability of Kazakh flows via the Baltic naturally depends on freight, insurance and product specifications, but improves materially where storage is used for blending and optimisation rather than pure transit. On that basis, there is clear interest from market participants in maintaining access to alternative import corridors and well-positioned European storage capacity. The interruption to Kazakh crude flows to Germany is, apparently, only temporary. Moscow says the reason for the interruption is a technical fault. How is Liwathon positioning itself long-term should Kazakh crude flows resume? Our strategy isn't built around any single disruption. The broader trend is diversification — and recent events only reinforce how quickly established corridors can be affected. Liwathon's role is to remain a flexible, independent logistics hub capable of handling crude, refined products and petrochemicals across multiple flows. The strategic case for independent storage and multimodal infrastructure holds whether current interruptions prove temporary or not. Liwathon has been trying to establish a foothold in the German refining space. How is the share acquisition in Schwedt refinery progressing? Liwathon's focus is terminal infrastructure, storage, blending and logistics. We do not comment on external investment discussions or third-party refinery transactions. Where does Liwathon see other opportunities to break into the European refining industry? Liwathon Group has consistently viewed energy security as critical to Europe's long-term resilience. We will continue to assess opportunities across the European infrastructure sector, refineries included, as and when they arise. Where an asset aligns with our strategy and complements the existing portfolio, we will look at it on its merits. H ow else does Liwathon see the health of its storage business? Are there any plans to expand capacity through acquisitions or construction projects? When Liwathon entered the infrastructure market, the decision was clear: own best-in-class assets in each region we operate. That discipline is what keeps us competitive over the long term, and recent years have reinforced the strategic value of independent storage and multimodal logistics to the European energy market, particularly during periods of disruption, volatility and shifting trade flows. That conviction has translated into substantial investment. In the Bahamas, we have committed significant capital to bring our terminal back into operation. In Estonia, we have continued to invest in our Muuga infrastructure to expand local commercial activity and strengthen the asset's competitive position. We remain open to acquisitions and further investment in our existing portfolio where the commercial logic is sound. The priority remains on strengthening the utilisation, flexibility and competitiveness of our existing infrastructure while maintaining a disciplined and commercially sustainable approach to future growth. By George Maher-Bonnett and Natalie Müller Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

Tax cut boosts German fuel demand in early May

18/05/26

Tax cut boosts German fuel demand in early May

Hamburg, 18 May (Argus) — A temporary tax cut on road fuels lifted German demand for diesel and gasoline in the first half of May compared with April and the same period last year, data reported to Argus show. Heating oil picked up at the same time. The €14.04/100l reduction in energy tax on motor fuels, in place from 1 May to 30 June, triggered an expected increase in buying in early May. Diesel prices were on average about €23.50/100l lower in the week ending 15 May than on 30 April. Diesel volumes reported to Argus rose by nearly 33pc in the first half of May from April, while gasoline sales increased by almost 35pc. The rise in wholesale demand for truck loading partly reflected higher sales at filling stations and steady diesel use during the last phase of spring fieldwork. Industrial customers also drew down diesel stocks at the end of April and started replenishing in early May. Overall, diesel spot sales during 1–15 May rose by almost a third from a year earlier. Spot gasoline volumes reported to Argus rose by about 29pc at the same time. But gasoline is traded more under supply contracts than on the spot market, limiting the relevance of the percentage changes compared with diesel or heating oil. Heating oil sales reported to Argus also increased in early May, by 23pc from April, although from a historically low base. Compared with a year earlier, deliveries were down by nearly 60pc. Private heating oil tank levels were at 45pc nationwide on 12 May, the lowest since at least 2018, Argus MDX data show. By Johannes Guhlke Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.

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Japan's Feb naphtha imports drop to lowest in 14 years

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