Russian petrochemical raw material deliveries to key Asian markets have dramatically dropped in November, with percentages ranging between 57% and 80%, following the sanctions imposed by the USA on the companies “Rosneft” and “Lukoil”. According to data from S&P Global, published by “Kommersant”, naphtha exports (an essential petroleum derivative in the chemical industry) have registered the following decreases:
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India: -57%, down to 60,000 tons;
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China: -73.3%, down to 54,000 tons;
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Taiwan: -79.6%, down to 37,000 tons.
Analysts anticipate a total withdrawal of Indian buyers, while the Taiwanese company Formosa Petrochemical, the largest regional importer of Russian naphtha according to the Centre for Research on Energy and Clean Air, could completely abandon collaboration with Russian suppliers.
According to Maksim Shaposhnikov, advisor to the “Industrial Code” fund, redirecting contracts to suppliers not affiliated with Russia could take up to three months.
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