On 19 February, The Wall Street Journal published an article that makes several references to Coral Energy. We have spent several months in engagement with WSJ responding to their questions. Unfortunately, the article omits vital information that we provided to the WSJ reporter.

In February 2022, Coral Energy immediately expressed its negative view of Russia’s invasion of Ukraine and took steps to exit the Russian energy market.

As part of the transition, Coral Energy closed its Moscow office and separated from its Russia-based employees, relocating all its operations to Dubai and Singapore. We began realigning the company to focus on Asia, the Middle East, and Northern Africa. This has been successfully achieved.

Prior to the price caps taking effect on 5 December 2022, we had completely ceased trading Russian oil and ended all contracts with Russian suppliers.

Before our exit from the Russian market, Coral Energy, in compliance with all applicable rules and regulations,  did source supply from Russian oil companies, but we always kept direct channels of communication with such suppliers without any third-party involvement.

The Wall Street Journal report inaccurately implies Coral Energy played a role in facilitating the sale of Russian oil in 2023. It does not make clear that Coral Energy had ended all existing contracts to trade Russian oil and was not in any way directly or indirectly involved in any further agreements.

At no point were Coral Energy employees instructed or authorized to work with any of the companies mentioned in the article. In addition, Coral Energy does not have any satellites or quasi-subsidiaries, as depicted by The Wall Street Journal.

Coral Energy are not aware of an investigation being conducted by the U.S. Department of Justice and have not received any queries from U.S. officials.

We are committed to keeping all interested parties informed and updated about our operations. Please contact us directly if you have questions not addressed in this communication.