MOSCOW (Reuters) – Russian energy company Novatek resumed fuel loadings on Wednesday at its Baltic Sea Ust-Luga terminal, damaged in a suspected drone attack, according to industry sources and LSEG data.
The attack and ensuing fire have disrupted Russian fuel exports and added to the uncertainty in energy markets, already rocked by geopolitical jitters and tensions in the Red Sea region, one of the key gateways for global oil exports.
According to the data, the tankers Minerva Julie and Chrystal Arctic are currently being loaded with fuel.
Novatek has not immediately responded to a request for comment.
Novatek said on Sunday it had been forced to suspend some operations at the huge Baltic Sea fuel export terminal and “technological processes” at a nearby fuel-producing complex due to a fire, started by what Ukrainian media said was a drone attack.
Analysts have said it would take weeks for the complex to restart large-scale operations, while it may restart tentative operations soon.
According to LSEG data, 5.2 million tons of naphtha were shipped to Asia in 2023 from the port of Ust-Luga, of which 2.8 million tons originated from Novatek’s terminal.
The complex gets gas condensate, a type of light oil, for processing some 7 million metric tons per year from Novaket’s Purovsky plant in Western Siberia for further production of oil products, such as naphtha, jet fuel and gasoil.
Analysts also said that Novatek will now be forced to export more gas condensate instead of high-marginal fuel via other terminals.
(Reporting by Reuters; Writing by Vladimir Soldatkin; Editing by Jacqueline Wong and Kim Coghill)
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