^

Business

Saudi Arabia assures oil supply for RP

- Donnabelle L. Gatdula -
The Saudi Arabian government has assured the Philippines of a steady supply of oil, Energy Secretary Raphael P.M. Lotilla said over the weekend.

Lotilla said the assurance was made by Saudi Arabian Petroleum Minister Ali Al-Naimi, in a meeting in Riyadh last Wednesday.

"Naimi has reconveyed his country’s assurances to President Arroyo that in case of any supply disruption from other sources, the Saudis stand ready to make up for the shortfall," he said.

According to Lotilla, the minister made the assurance with gusto. "And we will do it with pleasure," Lotilla said.

Lotilla pointed out that in 2006, the bulk, or 56 percent of the country’s crude supply came from Saudi Arabia.

Including Saudi Arabia, 95 percent of Philippine crude supply in 2006 came from the Middle East with a total volume of 74.35 million barrels.

Saudi Arabia hosted a meeting between the oil ministers of West Asia (Iran, Kuwait, United Arab Emirates, Qatar, Oman, Iraq, Bahrain) and energy ministers from East Asia (Japan, China, Korea, India, Indonesia, Pakistan, Philippines, Brunei and Thailand).

The meeting discussed the energy interdependence and cooperation between the two regions of Asia.

The West Asian countries are concerned with the stability of demand from East Asia (including South and Southeast Asia) which now accounts for 66 percent of West Asian exports.

East Asian countries, on the other hand, are concerned with stability of supply and affordability of oil prices.

BRUNEI AND THAILAND

EAST ASIA

EAST ASIAN

ENERGY SECRETARY RAPHAEL P

INCLUDING SAUDI ARABIA

LOTILLA

SAUDI ARABIA

WEST ASIAN

  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

FORGOT PASSWORD?
SIGN IN
or sign in with