Saudi Aramco assures RP of steady oil supply

Saudi Arabian Oil Co. (Saudi Aramco), the world’s largest oil supplier, affirmed its commitment to a steady supply of oil to the Philippines as it continues to invest and expand its operations in the country.

The Saudi-based oil firm has close ties with the Philippines through its partnership with Petron Corp., where it holds a 40-percent stake.

"We closely follow the policies of this nation and, as a partner, have a well-defined stake in its future. As a participant, not as a bystander, in the fortunes of Petron, we are naturally interested in every development that concerns it. For our part, we remain committed to that partnership," visiting Saudi Aramco president and chief executive officer Abdallah Jum’ah told the Makati Business Club yesterday.

"The barrels Saudi Aramco ships to these shores," he said, "are a lifeline of energy and a major contributor to local economic health." The company fully intends to keep the line open and unfettered by world events, he said. "Anything less than this commitment would not fulfill our promise as a partner." – Donnabelle Gatdula