zloy_odessit (zloy_odessit) wrote,
zloy_odessit
zloy_odessit

New navigation requirements will deliver a blow at Russian oil

From January 1, 2020, new requirements will come into force, set by the United Nations International Maritime Organization, according to which sulfur content in marine fuel must be reduced from 3.5% to 0.5%. But the dilemma is that Russian Urals oil has an extremely high sulfur index, sometimes even violating permissible international standards.

Now, Russia, whose ports, among other things, receive vessels for refueling, has to make a choice, either they take measures to reduce harmful emissions by sea transport, or they lose both the additional earnings from bunkering, but also the money due to Urals pricing as such.

And, it seems, Russia has already made its choice, revealing once again the ugly side of the "superpower", namely, the total lack of modern technology!

The fact is that ships making regular voyages with bunkering calls to Russian ports are now receiving updated bunker price lists where Russian ports marked as such as having no fuel available that is in line with the new IMO requirements.  That is, Russia turned down the call for a higher-quality fuel, and this could happen only because of the lack of the necessary oil refining technologies where it would be cleansed of excess sulfur, and because of the preservation of that excess sulfur in all subsequent products, including fuel oil.
So, starting January 1, 2020, Russia will start lose money, and not only due to the general trend for dropping oil prices, but also due to its own backwardness and degradation of technological processes that prevent it from bringing its main export resource to an commonly-acceptable level that would meet international requirements.

Russia has once again proven it's just a huge, but cheap and shady, gas station.

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