Following Russia's military invasion of Ukraine, Idemitsu Kosan, a major oil retailer, has announced that it will forgo imports of Russian oil.
This was revealed by President Shunichi Kito of Idemitsu Kosan at a press conference on the 10th.
In this, President Kito stated that Russia's oil has been imported in the past, but it has clarified the policy of not importing it in the future, and indicated that it will not import it in the future due to the military invasion of Russia. I did.
So far, the company has imported about 4% of the total import volume from Russia.
However, since Russia invaded Ukraine in late February, it has not made any new procurement.
Prime Minister Kishida announced on the 9th that he will ban Russian oil in principle.
In addition, the company has also imported coal from Russia, but President Kito said, "We are proposing alternatives while getting consumers to understand as much as possible." It was revealed that adjustments are being made in the direction of supplying coal.
On the other hand, last year, Idemitsu Kosan's one-year financial results saw a sharp increase in final profit of 279.4 billion yen, about eight times that of the previous year.
The main reason for this is that crude oil prices have soared due to the tightening situation in Ukraine, and the value of crude oil and petroleum product inventories has risen.