Russian oil delivery in Bataan consigned to Petron
MANILA, Philippines — The Russian crude oil shipment that arrived in Limay, Bataan earlier this week was consigned to Petron Corp., according to shipping documents cited by Agence France-Presse.
The Sierra Leone-flagged tanker Sara Sky delivered about 700,000 barrels of high-quality crude from Russia's ESPO pipleline, with Petron — operator of the country’s only refinery — listed as consignee, the report said.
Philstar.com first reported the vessel’s arrival earlier this week, following disclosures that the government and private firms were exploring alternative fuel sources, including Russian supply, after a temporary easing of US sanctions.
Supply search widens
Petron CEO Ramon Ang earlier said the company was "in talks" to purchase Russian oil, but later declined to confirm the specific shipment.
The cargo arrived a day before President Ferdinand Marcos Jr. declared a national energy emergency, as global oil prices surged amid disruptions in the Strait of Hormuz.
Marcos said Wednesday the Philippines was expanding its search for fuel sources as inventories were projected to last about 45 days.
"We have not only gone to our traditional oil suppliers, we have tried to explore other sources that are not affected by the war that is ongoing in the Middle East," he said. "Nothing is off the table."
Temporary sanctions window
A temporary US sanctions window has allowed countries to purchase Russian oil cargoes already at sea.
Kpler analyst Muyu Xu told AFP, said about 120 million barrels of Russian oil may have been in transit when restrictions were eased, although much of the supply may already have been committed to buyers in China and India.
The Department of Energy has also activated a P20 billion emergency fund to secure additional fuel supply.
Energy Secretary Sharon Garin earlier described the move as a "proactive step" to ensure adequate fuel availability. — reports from Agence France Presse and Philstar.com / Camille Diola
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