Russia ramped up naphtha exports to Singapore, Indonesia and India in March, capitalising on Asian demand due to Persian Gulf supply disruptions, data from LSEG and market sources showed.
Exports from Russian ports to Singapore rose above 500,000 tonnes last month, while shipments to India and Indonesia more than doubled from February to around 310,000 tonnes and 114,000 tonnes respectively, shipping data showed.
Asian markets were hit by an unexpected naphtha shortage in March after the Iran war disrupted energy production and shipping from the Middle East, tightening regional supplies.
However, not a single Russian naphtha cargo has gone to Taiwan this year, even though it was previously among Russia's biggest importers, as Taiwanese buyers retreated under Western sanctions pressure despite acute feedstock scarcity.
Although the supply shock has driven Asia's naphtha margins to record levels, Russia is unlikely to be able to fully exploit the rally as some of its export facilities are damaged.
A series of drone strikes on Ust-Luga port in late March halted fuel loadings, along with gas condensate processing and naphtha export loadings from Novatek's Ust-Luga complex.
Brazil was among the top buyers of Russian naphtha last month, although the South American country's imports fell 18 per cent from February to 125,000 tonnes, LSEG data showed.
Vessels carrying about 160,000 tonnes of naphtha from Russia are heading to anchorages near Port Said in Egypt, shipping data showed.
The final destination of those cargoes is not known.
(Reporting by Reuters. Editing by Alexander Smith)
