Russian Baltic Port Continues to Export Oil Despite Drone Attack

Russia’s Ust-Luga port on the Baltic Sea continues to ship crude and fuels for exports, although Novatek’s fuel export terminal remains shut after reportedly being hit by a drone attack this weekend.   

The terminal operated by Novatek remains shut, but the other terminals, including one for crude oil exports and two other fuel export terminals, were operational as of Tuesday, Reuters reported, citing industry sources and LSEG data.

This weekend, Russia’s Novatek said it had suspended operations at a Baltic Sea fuel export terminal following a reported drone attack by Ukrainian forces.

The reported attack caused a fire at the Ust-Luga terminal, according to a report by Reuters.

Ust-Luga is one of the key export hubs for Russian crude oil and fuels.

Russia’s Vedomosti daily cited an official from the regional authorities as saying there had been two explosions at the site of the export terminal that had caused a fire at one fuel storage tank.

TASS cited Novatek as confirming that the fire was the result of external actions.

“The technological process at Novatek-Ust-Luga has been stopped, and an operational headquarters has been established to eliminate the consequences. Damage assessment will be carried out later,” Novatek said, as quoted by Reuters.

Reuters also cited Ukrainian new agency Interfax-Ukraine as confirming a Ukrainian attack, with unnamed sources telling the outlet that the Ust-Luga terminal was key for the supply of Russian troops with fuel.

As of Tuesday, two tankers – the Adebomi and the Bay Global – are being loaded with crude oil and the crude export terminal at Ust-Luga, per LSEG tanker-tracking data quoted by Reuters. Other tankers are being loaded with gasoline, liquefied petroleum gas (LPG), naphtha, and fuel oil at other terminals at Ust-Luga, while the tanker Minerva Julie, which had to load fuel at the Novatek terminal over the weekend, is currently idle offshore, according to LSEG data.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

• U.S. Official Says Iran Is “Very Directly Involved” in Houthi Attacks
• Canada's Uranium Is Fueling the World's Nuclear Energy Boom
• AI's Massive Power Consumption Demands Innovative Energy Solutions