Neste still has contracts for Russian oil lasting until year-end
Neste still has Russian oil contracts lasting until the end of the year, but the firm is not making any new supply agreements for Russian origin oil, the executive vice president of oil products said.
"We have not bought Russian crude oil on the spot market since the start of the war," Markku Korvenranta, executive VP for oil products, said.
"We are not making any new supply agreements of Russian origin oil products for now. The remaining contracts end by the end of the year 2022."
Crude traders said Neste has been buying cargoes of Norway's medium, sour grade Johan Sverdrup to replace Russia's key export grade Urals as well as some sweet North Sea crude. One trader said the refiner had bought at least three cargoes of Johan Sverdrup for April delivery.
Russian oil accounted for 77% of the refiner's crude and feedstock in 2021.
Neste did not comment on the specific purchases but has previously said North Sea oil would be part of its replacement strategy.
(Reporting by Julia Payne; Editing by Jan Harvey and Jonathan Oatis)
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