Tomohide Miyata, president of the Japanese refining company Genesis Holdings Co., Ltd., said after the second-quarter earnings conference in Tokyo that once the Strait of Hormuz resumes navigation, the company plans to increase procurement of crude oil from the Middle East. After the US-Iran conflict broke out at the end of February, crude oil exports from the Persian Gulf were blocked. At one point, nearly half of the crude oil purchased by the company came from the US. Since then, the share of U.S. crude oil in total purchases has fluctuated greatly, up to 20%, and only a small portion when it is low. Energies will continue to consider purchasing crude oil from the US, Canada, and other regions other than the Middle East according to market conditions. “We will not only focus on diversifying supply, but will also take into account economic benefits and work with the government to find the best solutions.”

Tomohide Miyata, president of the Japanese refining company Genesis Holdings Co., Ltd., said after the second-quarter earnings conference in Tokyo that once the Strait of Hormuz resumes navigation, the company plans to increase procurement of crude oil from the Middle East. After the US-Iran conflict broke out at the end of February, crude oil exports from the Persian Gulf were blocked. At one point, nearly half of the crude oil purchased by the company came from the US. Since then, the share of U.S. crude oil in total purchases has fluctuated greatly, up to 20%, and only accounts for a small portion when it is low. Energies will continue to consider purchasing crude oil from the US, Canada, and other regions other than the Middle East according to market conditions. “We will not only focus on diversifying supply, but will also take into account economic benefits and work with the government to find the best solutions.”