Investigation into possible entry of Russian oil via third countries into Europe: Spain calls for common European response.

2023-04-28 20:56:00

They have been banned in the European Union since February 5. And yet, Russian petroleum products manage to enter Europe? Spain doubts it. And announced on Friday the opening of an investigation into the possible entry into its territory of Russian oil via third countries, calling for a common European response to “strengthen the traceability” of fuel imports. Oil experts and officials suspect Russia – which has turned to other markets, such as China and India – of continuing to export oil to the EU via third countries, where its origin is concealed .

“Russian diesel continues to circulate on the European and Spanish market”, thus denounced Thursday the CEO of the Spanish oil giant Repsol, Josu Jon Imaz, calling on the community authorities to show “firmness” on this subject. A stone’s throw away as the import of Russian petroleum products into the EU is banned, as part of a new package of sanctions adopted in response to Moscow’s offensive once morest Ukraine launched in February 2022.

Morocco in the sights

In Rabat, for example, three parliamentary opposition groups recently called for the setting up of a commission of inquiry into “doubts and suspicions” surrounding the import of Russian diesel by fuel companies, and “a possible resale of this fuel to countries which prohibit its importation”. This initiative did not succeed because it did not have the majority of votes needed to form a commission of inquiry. In its edition dated Friday, the Spanish daily El Mundo points the responsibility of Morocco which, according to him, has greatly increased its imports of Russian oil in recent months while starting to export diesel to Spain.

“Faced with the slightest suspicion, it is necessary to check” if “the imported products come from the place indicated or from another country, and if there has been any irregularity”, explained in a message sent to AFP the Minister of Ecological Transition, Teresa Ribera.

Everything seems in order

Asked last month, the spokesman for the Moroccan government, Mustapha Baïtas, assured that the share of Russian diesel in Morocco’s imports is 9%, “as has been the case for several years”, without wanting to mention suspicions of a possible resale of this fuel to European countries from Morocco.

The first elements communicated by the importers “show that everything is apparently in order and that the products do not come from Russia, but we are vigilant and will closely follow the evolution of the situation to corroborate this definitively”, underlines Teresa Ribera.

Oil: Russian exports at their highest in three years

Repsol ends dispute with Sinopec

“Repsol and Sinopec, currently shareholders of Repsol Sinopec Resources UK (RSRUK), a company specializing in oil and gas exploration in the North Sea, have reached an agreement under which, subject to the fulfillment of certain conditions, Repsol will purchase from Sinopec its 49% stake in RSRUK,” Repsol told the National Securities Market Commission (CNMV) in Madrid.

“The total amount of the agreement is for 2.1 billion dollars,” added the company, which expects it to be finalized in 2023. Repsol will therefore become “100% owner of RSRUK”, he added. underline.

The Spanish group clarified that this operation would put an end to a “vast arbitration procedure” linked to “the acquisition by Sinopec of its stake in RSRUK from the Canadian group Talisman (later acquired by Repsol).

Repsol and Sinopec nevertheless intend to continue their “important strategic collaboration”, including through their joint venture in Brazil, he said. The Chinese oil giant was claiming $5.5 billion from its Spanish partner as part of their dispute.

(AFP)