The Philippines' largest and only oil refinery, Petron Corp., has purchased 2.48 million barrels of Russian crude oil amid the escalating war around Iran and problems with energy supplies from the Middle East. This is reported by Bloomberg, writes UNN.
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The company stated that if the current crisis drags on and alternative sources are insufficient, Petron may again resort to purchasing Russian oil to support the country's fuel balance.
Petron explained that they were forced to seek new sources after several large shipments of crude oil could not safely pass through the Strait of Hormuz and the Red Sea due to military escalation.
This is particularly painful for the Philippines, as the country is almost entirely dependent on oil supplies from the Middle East.
Manila urgently seeks fuel worldwide
Amid the risk of shortages, the Philippines is already negotiating energy supplies with Japan, China, South Korea, and India. Authorities also state that the country has oil reserves for approximately 45 days.
Due to the threat of disruptions, the government was forced to declare an energy emergency, and large carriers are already separately assuring that they currently have sufficient fuel reserves for operations.
Philippines declares energy emergency due to threat to supplies from the Middle East25.03.26, 06:47