Singapore refiner Aster Chemicals and Energy is turning to crude oil suppliers in West Africa, Latin America, the US and Canada as the Iran war disrupts Middle Eastern oil supplies to Asia.
The refinery previously sourced about 70% of its crude from the Middle East, but disruptions to Gulf exports have forced Aster to diversify its crude supply, according to Han Lih Kwong, managing director of Aster’s refinery and chemical assets.
Aster has increased purchases of crude grades it has processed in the past, although in smaller quantities, as it looks to keep its 300,000-barrel-a-day refinery on Singapore’s Bukom Island supplied, according to Bloomberg.
Aster looks beyond Middle Eastern crude.
The shift shows how geopolitical conflicts are reshaping global oil flows, particularly for Asian refiners that rely heavily on crude from the Middle East.
