Viva (ASX:VEA) and Ampol (ASX:ALD) boycott Russian crude oil

March 08, 2022 08:50 PM AEDT | By Ritwika

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Viva (ASX:VEA) and Ampol (ASX:ALD) boycott Russian crude oil — Image source: © Stab | Megapixl.com

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Highlights

Viva Energy and Ampol sympathise and respond to the ongoing conflict between Russia and Ukraine by boycotting Russian oil.

Viva bought two crude oil cargoes prior to the conflict. This shipment is expected to be delivered within two months.

Australia is not dependent upon Russian oil.

Viva Energy Group Limited (ASX:VEA) announced today (8 March) that it has decided to stop purchasing crude oil from Russia as a consequence and response to the ongoing circumstances in Ukraine. The leading petroleum retailer of Australia said that it is appalled by events unfolding in Ukraine and is trying to extend its sympathies to the innocent people fighting the situation.

Read more: Ardea (ASX:ARL) begins drilling for Nickel sulphides at Emu Lake

Viva, a leader in the Australian petroleum industry, sources crude oil from various countries. Therefore, the company is positioned well to maintain the crude oil and fuel supplies to support the country’s energy security during difficult and uncertain situations. The company is also keeping the Australian government updated about the evolving situation within the organisation.

Additionally, Viva informed that it had purchased two Russian-origin crude oil cargoes before the conflict, and they are expected to arrive in Australia within the next two months. However, VEA explored ways to dispose of these cargoes, but it could not find any credible buyers in the current market situation. On the other hand, Viva could have faced gaps in its refining program and fuel shortages without these supplies. Viva bought these cargoes from international oil companies rather than Russian entities.

Meanwhile, on the ASX, the VEA stock closed, trading 4.150% lower at AU$2.31 per share.

Another petroleum market leader, Ampol Limited (ASX:ALD), has also decided to boycott Russian crude oil or products to acknowledge the human tragedy. The company did not purchase any crude oil from Russia since the conflict began. However, two crude oil cargoes were bought before Russia’s Ukraine invasion, which will be delivered within April 2022.

Ampol informed that its refinery at Lytton uses crude oil sourced from Southeast Asia, Africa, North America and the Middle East. Additionally, Australia’s product supply chains operate without any Russian oil products. As a result, Australia is not much dependent on Russian oil.

Meanwhile, the ALD stock closed, trading 4.170% lower on the ASX at AU$28.270 per share today.

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