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Oil Majors Step Away From Russia-Related Tankers

OIL

Exxon Mobil is avoiding hiring oil tankers that previously carried cargoes from Russia, following a similar approach to Shell, according to Bloomberg.

  • Exxon Mobil from 5 Dec requires shipowners to ensure the tankers on lease to Exxon haven’t carried crude cargoes which are either Russian, originated in Russia, or come from a person connected with Russia. Failure to do so would allow Exxon to terminate the charter, according to Bloomberg.
  • The Exxon clause doesn’t apply to Kazakhstan’s CPC oil, so long as the seller isn’t Russian or connected with Russia, and a Kazakh certificate of origin is received.
  • The approach is similar to that of Shell, who from 1 Dec said its preference is not to hire any tankers that have previously lifted Russian crude or fuels.
Energy BulletsCommodities
Energy BulletsCommodities

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