South-East Asia

Two sources familiar with the matter said that Trafigura, a global commodities trader, is "among" three companies competing for a 36.36 percent stake in Natref Refinery of South African petrochemical giant Sasol. After the British-based Prax group, which bought the minority stake in South Africa's sole inland crude oil refining plant from TotalEnergies two years ago for an undisclosed amount, went into bankruptcy in 2025, the remaining shares in the 108.500 barrels per daily plant are up for sale. South?African fuels are among the biggest in Africa, and analysts predict that it will continue to grow for?the near future. This...

India's palm oils imports dropped 27% in April to a "one-year low" as refiners slowed purchases due to the sluggishness of demand from institutional buyers, and recent price increases that reduced its discount to competing oils. India's palm oil imports fell 27% to a?one-year low in April, as sluggish demand?from institutional buyers and a recent price rally that eroded?its discount to rival oils prompted refiners to curb purchases, five dealers said. Dealer estimates show that palm oil imports dropped to 505,000 tons in April from 689.462 tons in march. Imports of soyoil rose by 24% in April, compared to March,...

On Monday, the leaders of Singapore signed an agreement with New Zealand to keep their supply chains open in times of crisis. They said they hoped that 'the agreement' would serve as a'model for other countries who want to build a trusted network. On his recent visit to Singapore, Prime Minister Christopher Luxon saw the signing between his Singaporean counterpart Lawrence Wong and himself. This is at a time when global energy supplies have been 'disrupted' by the Middle East war. Singapore refines a third of the fuel used in New Zealand. The Agreement on Trade of Essential Supplies was...

Abu Dhabi National Oil Company notified customers that two crude grades could be 'loaded outside of the Gulf next month, as the Strait of Hormuz was closed. ADNOC is moving the crude grades Das and Upper Zakum from the terminals on Das Island (and Zirku Island) located in the Gulf, to outside locations for loading. The exports of these terminals are down dramatically as there have been fewer ships willing to cross the strait after the U.S. - Iran?war began in late February. ADNOC informed clients that it would make cargoes available to be loaded outside the Arabian Gulf on...

A term sheet showed that a unit of Sinopec had sold 8.5 millions Hong -Kong listed shares of CATL on Wednesday for $770 million. The company was able to cash in on the soaring stock performance of the Chinese electric vehicle -battery manufacturer. The term sheet examined by revealed that Sinopec (Hong Kong), in an accelerated stockbuild, sold shares at HK$708 (US$90.41), a discount of approximately 3.8% from the closing price on Tuesday for Contemporary Amperex Technology Co Ltd (CATL). According to the term sheet, Sinopec also agreed to a 90 day lock-up period on its remaining CATL stake. According...

?U.S. Defense Secretary Pete Hegseth said at a Pentagon press briefing that forces in the Middle East were 'postured' to re-start combat operations if Iran refused to agree to a peaceful deal. He said, "You Iran can choose a prosperous, golden future. We hope you will do this for the people of Iran." "But if Iran chooses badly, they will face a blockade, and bombs being dropped on their infrastructure, power, and energy." U.S. forces have imposed a blockade against all ships attempting to enter or exit Iran as part of a campaign to press Tehran into a deal. "We...

Thailand's growth will be slower this year due to the Iran conflict and there are "nearly no limits" in worst-case scenarios if the conflict continues. A senior central bank official said. The Assistant Governor Chayawadee Chaianant stated that the growth of the Southeast Asian nation was slowing. This is because the country's economy, which is highly exposed to global economic conditions due to its high dependence on imported energy imports, has a low rate of growth. The U.S./Israeli war against Iran has led to a decline in tourism and an increase in import costs. Chai-anant, on the sidelines at the...

The Australian Prime Minister Anthony Albanese met with his counterpart Lawrence Wong in Singapore on Friday. They vowed to work together more closely in order to maintain energy security in the face disruptions brought about by the Middle East conflict. Singapore, the oil trading hub in Asia, is the world's largest petrol supplier and also a major diesel and jet fuel supplier to Australia. In Australia, the shortage of diesel has impacted the mining and farming sectors. The leaders agreed to "maximize efforts" to increase their energy security, including ensuring the flow of diesel and LNG. In a joint press...

The physical oil market is still in a state of turmoil despite a planned two-week stopfire between Iran and the United States. Brent crude oil contracts plunged as much as 16% in the early Asian trade on Wednesday, after finishing at $109.27 on Monday. The sharp drop in prices reflects relief that President Donald Trump's alarming threats against Iran civilisation to be wiped out have been postponed. This also reflects the optimism that crude, refined products and liquefied gas (LNG), may be able to resume and continue through the Strait of Hormuz if negotiations are successful. There is a rule...

Trafigura has not ceased its contracts with Bolivia's oil and gas state company YPFB, a spokesperson for the company said on Thursday. The company was rejecting a claim made by Bolivian Energy Minister Mauricio Medinaceli. Medinaceli announced on Tuesday that Bolivia will suspend its gasoline contracts Trafigura, and with rival trading house Vitol, until the investigation into the alleged smuggling of poor-quality fuel from Chile is completed. Later, on Thursday, YPFB confirmed its main supply contracts are still in effect, ensuring a?continuity of supply. The state-owned company has announced that it has signed an addition to its existing contract with...

PetroChina supplied a rare shipment of nearly?2million barrels of crude from its storage facility in China to the refinery it owns half of, located in Singapore. The?firm is attempting to fill'shortfalls caused by the iran war. According to tanker trackers Vortexa & Kpler the tanker New Merit delivered 1.8 million barrels in crude oil to Dalian, northeast China, in mid-March. It then transported it to Singapore Jurong Island, where PetroChina & U.S. giant Chevron run a joint venture refinery. Sources declined to name themselves as they were not authorized to speak to the media. China exports crude oil very rarely....

Shipping data shows that India's diesel exports into Southeast Asia soared in March to the highest level in over seven years. This was due to traders adjusting supply to cover their short positions, and refiners taking advantage of higher profits in Asia as a result of the U.S./Israeli war against Iran. The increase in exports may boost the spot sales margins of Indian refiners, who have bought large volumes Russian crude oil to replace Middle East supplies disrupted by war. According to Kpler, three trade sources and data from the analytics firm, Kpler, around 1 million metric tonnes (7.45 millions...

The ongoing closure of the Strait of Hormuz may not seem to have much in common with the Indian diet cola consumers, but both are at risk. The world economy will be affected by the second and third round effects of the closure. This is because the price of refined fuels like gasoline and diesel has already increased. Electric vehicles (EVs), which allow drivers to reduce their dependence on fossil fuels, are widely considered one of the biggest winners in the current conflict between Iran and the United States. But EVs have a direct connection to the Strait of Hormuz,...

The leaders of Southeast Asian nations?holding a meeting on Friday will likely thrash out an coordinated response to the impact of the 'Middle East Crisis, in order to?ease the pressure of an energy shock which has shook?their oil-dependent economies. Leaders of ASEAN are expected to meet on Cebu Island in the Philippines to push for an harmonised approach to ensure food and energy security in a particularly vulnerable region to the nearly 70-day long blockade of Strait of Hormuz. Ferdinand Marcos Jr, Philippine president, said in his opening remarks, as ASEAN chair, that ASEAN stood together to show its ability...

Leaders of the ASEAN bloc will be discussing conflicts beyond Southeast Asia at the meeting in the Philippines. The Middle East crisis is a major challenge for the economies of countries that depend on fuel imports. Leaders, foreign and economic ministers from the 11 member grouping will attend the?meetings in Cebu on Friday and Thursday. Energy and food security are top priorities for this region of 700 million people. Many Asian countries are scrambling to find alternative oil supplies due to the Middle East conflict. ASEAN ministers have convened special meetings in advance of the summit and the Philippines is...

Philippine annual inflation increased to a 3-year high in April as fuel prices surged?as a result of the Middle East conflict, raising the possibility of further policy tightening. The statistics agency announced on Tuesday that consumer prices increased 7.2% last month. This is the highest rate since March 2023. This was higher than the median forecast of 5.5% in an economist poll. The central bank had forecast a range between 5.6% and 6.4% for April. Emilio Neri is the lead economist for Bank of the Philippine Islands. He said the BSP might be forced to hold another off-cycle and raise...

Kaja Kallas, the EU's chief of foreign policy, urged partners in Southeast Asia to not turn to Russia to get oil as they struggle to deal with fuel shortages due to the Middle East conflict. This month, the EU approved new sanctions against Russia, including restrictions on oil trading, in an effort to reduce Moscow's financial ability to support its war in Ukraine. Kallas stated that Russia had benefited from the U.S. and Israeli war against Iran which led to the closure of the Strait of Hormuz. "You are in an energy crisis, and you must have supplies." You have...

Analysts and refining sources predict that Asian refinery throughput will fall in April and may as crude imports reach a decade-low and the Iran war forces refiners into processing lighter grades. This reduces diesel and jet fuel production by at least one million barrels a day. Asia, which is responsible for 37% of global refining and normally sources two thirds of its crude oil from the Middle East, has been the hardest hit by the Strait of Hormuz closure, with refiners cutting back on production, causing fuel prices to rise. Kpler's preliminary data shows that crude imports into Asia will...

The global oil market has been predicting that the Strait of Hormuz would be closed for a short time, and the disruption of crude and refined product supply will also be brief. This expectation is reflected in the price of crude oil futures. Although they have increased sharply since February 28, the prices are still far below the highs achieved in the aftermath of Russia's invasion of Ukraine in 2022. The paper crude market, in effect, has believed U.S. president Donald Trump's social media posts that have been made since the bombing began, that the?conflict?will be over soon and Iran...

The U.S. and Israeli war against Iran, which has pushed up jet fuel prices, has shook the aviation industry around the world. Airlines have been forced to increase fares and revise financial forecasts. In recent weeks, jet fuel prices have increased from $85-$90 per barrel up to $150-$200 per barrel. This is a major financial blow to an industry that relies on fuel for up to 25% of its operating costs. Here is an alphabetical list of the ways that?airlines have responded: AEGEAN AIRLINES The Greek airline anticipates that the suspension of Middle East flights, as well as a spike...

Japan said?on Wednesday that it would create a financial structure worth $10 billion in order to assist Asian countries with the procurement of energy resources, and bolstering their stockpiles. Middle East tensions are driving prices up and disrupting supply chains. Support, aimed at preventing negative effects on Japan's supply chains, will be provided primarily through state-backed institutions, such as Japan Bank for International Cooperation, (JBIC), and Nippon Export?and Investment Insurance, (NEXI). Sanae Takaichi, the Prime Minister of Japan, announced the plan. He said that the financial support would be equal to 1.2 billion barrels of oil or roughly one year...

The price of refined fuels has fallen sharply, in line with the declines seen in crude oil after the tentative ceasefire agreement between the United States & Iran. However, the prices remain at levels that indicate a shortage. The prices of gasoil and jet fuel in Singapore, the Asian trading center, all dropped by?double digits on Wednesday amid relief from the market that the 'deal' may lead to the reopening of Strait of Hormuz. The 'ceasefire' and commitment to peace talks announced by the United States in separate announcements looks already to be on its way out. Tehran said it...

The Philippines' annual inflation rate increased more than expected in March. It breached the central bank's target range of 2% to 4.0%. This was primarily due to the sharp rise in 'fuel prices' amid the escalating Middle East tensions. In March, headline inflation was 4.1% higher than a year ago. This is significantly higher than the 2.4% in February and also above the median polled forecast of 3.7%. This is the highest reading of inflation since July 2024 when it was 4.4%. Inflation grew at the fastest rate since January 2023 - 1.4% on a monthly basis. This reflects a...

Asian governments spend billions in subsidies to protect consumers from rising oil prices due to the U.S. - Israeli war against Iran. Here are some steps that governments in Asia have taken to reduce the amount of oil coming from the Middle East. The Japanese government is 'using 800 billion yen (5.02 billion dollars) from reserve funds to finance subsides aimed at maintaining gasoline prices at around 170 yen per litre. This would cost up to 300 billion yen a month. SOUTH KOREAN In late March, the South Korean?budget?ministry proposed a supplementary budget of $26.2 trillion won to help low-income...