Russian crude oil arrives

MANILA, Philippines —  Days after signaling plans to import crude from Moscow amid the Iran crisis, the Philippines has reportedly received its first oil shipment from Russia in five years.

Crude oil tanker Sara Sky arrived and moored at Limay anchorage in Bataan on Monday, according to shipping tracker Marine Traffic.

The Sierra Leone-flagged vessel, measuring 243.8 meters in length and 42 meters in width, was loaded from Kozmino Port in Russia.

Reuters previously reported that the tanker was carrying 100,000 tons (about 750,000 barrels) of ESPO Blend oil.

The STAR has sought confirmation from the Department of Energy (DOE) and Petron Corp., which operates the country’s only remaining refinery in Bataan, but has yet to receive a response.

Energy Secretary Sharon Garin earlier confirmed that Petron had negotiated a deal to procure crude oil from Russia.

The Philippines is scrambling to secure new supplies and build up its buffer amid fuel supply uncertainties triggered by the US-Israel war with Iran.

Iran continues to block shipments in the Strait of Hormuz, a major trade route for around 20 percent of the world’s oil and gas supplies.

Before tensions escalated, Petron’s Bataan refinery sourced around 98 percent of its crude oil imports from the Middle East, according to the DOE.

Garin has said the government allocated about P20 billion for the purchase of up to two million barrels of diesel to extend the country’s buffer by 10 days.

As of March 20, the Philippines had diesel stocks sufficient for 45 days, gasoline for 53 days and kerosene for 97 days – well above the 15-day minimum requirement, DOE data showed.