New Zealand allows import of fuel processed from Russian oil

New Zealand authorities have stated that local companies will be permitted to purchase fuel produced from Russian oil, provided it has been processed in third countries and is no longer classified as Russian-origin, as reported by The New Zealand Herald.

Minister for Regional Development and Resources Shane Jones emphasised that the decision applies to refined petroleum products, not crude oil.

Amid rising energy prices caused by the conflict in the Middle East, the government is holding talks with South Korea and Singapore to secure stable fuel supplies.

Currently, about 51% of the country’s fuel imports come from South Korea and 31% from Singapore. New Zealand currently holds fuel reserves sufficient for approximately 49 days.