Philippine oil refiner Petron buys Russian crude, seeks alternatives
The Philippines sources nearly all of its oil from the Middle East and is trying to find alternative sources
“If the current crisis persists and alternative crude sources remain unavailable or insufficient, Petron may again be compelled to consider purchases of Russian crude oil to augment the national fuel supply,” parent company San Miguel said in a statement to market regulators late on Friday.
The crude would augment Petron’s inventory of petroleum products until June, San Miguel said, adding that the purchases were made “strictly out of extreme necessity”.
The Philippines, which sources nearly all of its oil requirements from the Middle East, is trying to find alternative sources to ease the supply crunch that has triggered an energy emergency declaration by the government. It’s also negotiating for fuel supply from Japan, China, South Korea and India.
Manila has said it had 45 days worth of oil supplies as of March 20.