Cosmo Energy (TYO:5021) is sourcing crude from Mexico for the first time since 2023 as Japanese refiners seek alternatives to Middle East supplies disrupted by the Iran conflict and restrictions around the Strait of Hormuz, Bloomberg News reported Wednesday.
Two tankers, Eagle Kuantan and Eagle Kangar, are due to transport a combined 1 million barrels of Isthmus crude sold by the trading arm of Petroleos Mexicanos. The cargoes are scheduled to load from Pemex's Pajaritos terminal on Mexico's Atlantic coast, according to the report.
Japan depends on the Middle East for more than 90% of its crude imports, with Saudi Arabia, the UAE, Kuwait and Qatar among its main suppliers. Supply disruptions in the region have tightened fuel availability across industries, including food processing and medical equipment manufacturing, the report said.
Cosmo said it arranged alternative crude purchases from Mexico and the US to keep its three refineries operating over the next three months, according to the report.
Japanese Prime Minister Sanae Takaichi and Mexican President Claudia Sheinbaum discussed potential oil supplies from Pemex during talks in April amid the conflict, the report said.
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