Oil storage tank demand is soaring in Singapore

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Written By Jennifer Joslyn

🛢️ Oil storage tank demand is soaring in Singapore.

Singapore is expected to be blending Russian fuel and reexporting the shipments, a method that can hide the cargo’s origin in a world filled with Russian sanctions. Singapore hasn’t joined the west in banning the import of Russian oil and other petroleum products, but financial institutions in the city-state are not allowed to conduct business with Russian companies. Singapore and Russia have a strong economic relationship, with Singapore being one of Russia's key trading partners in Southeast Asia.

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Jennifer Joslyn
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