Japanese oil refining companies: Will increase Middle Eastern crude oil purchases after the reopening of the Strait of Hormuz

(1) After the Q2 financial results conference in Tokyo, Innos Holdings Co., Ltd. President Chihide Miyata stated that the company plans to increase Middle Eastern crude oil purchases once navigation resumes in the Strait of Hormuz. (2) Following the outbreak of the US-Iran conflict at the end of February, Persian Gulf crude oil exports were hindered, and at one point, nearly half of the company's crude oil purchases came from the United States; afterward, the proportion of US crude oil in its total purchases fluctuated greatly, reaching as high as 20% at its peak and accounting for only a small portion at its lowest. (3) Innos will continue to consider purchasing crude oil from the United States, Canada, and other regions outside the Middle East according to market conditions; the company stated that it will not focus solely on supply diversification, but will also consider economic benefits and will coordinate with the government to seek the optimal solution.