JDV: Russia to supply oil to RP

Speaker Jose de Venecia announced yesterday that the Russian Federation would augment Philippine oil requirements from the Sakhalin region in the Russian Far East if war breaks out in Iraq.

"Russia has agreed to supply the country’s oil requirements in case of an Iraqi emergency," De Venecia said following Friday night’s talks with Gennady Seleznev, chairman of the Russian Duma (Parliament) who is visiting the country at the Speaker’s invitation.

De Venecia said oil from the Sakhalin region in the Russian Far East would reach the Philippines faster than oil from the Middle East.

He pointed out that oil from the Arabs is shipped to Southeast Asia through the Arabian Sea, Strait of Hormuz, the Indian Ocean and the Strait of Malacca, a much longer route.

De Venecia said that while the Philippines would maintain its traditional Arab oil sources, oil from the Sakhalin region and additional supply from Iran would augment Philippine oil requirements and will come from a shorter route.

"Russia is also looking at a potential oil storage site in Subic," he added.

The Russian delegation went to Subic Bay Metropolitan Authority yesterday but De Venecia was unable to join the group on doctor’s advice for a much needed rest. The Russian delegation was accompanied by American oil investors in looking at a potential Russian oil storage site proposed by SBMA Chairman Felicito Payumo.

De Venecia said that there is a move to intensify bilateral trade, economic and cultural relations between the Philippines and Russia, with the oil supply and Subic oil storage site among its indications.

He and Seleznev have also agreed on joint efforts to boost large-scale tourism between Russia’s Far Eastern region and the Philippines, and for Filipino entrepreneurs to help develop the resource-rich Russia Far East as a source of Filipino wood supply.

Seleznev arrived Thursday night at the head of a 35-strong delegation from the Russian Duma.

De Venecia also announced that the Russian Duma and Philippine Congress would continue to cooperate in pushing programs initiatives to combat poverty and international terrorism. – Efren Danao