US Edition
Published • loading... • Updated
Philippines Oil Refinery Secures 2.5 Mn Barrels of Russian Crude
Petron's purchase of 2.48 million barrels of Russian crude aims to offset supply disruptions from the Middle East amid an energy emergency, with 45 days of oil reserves reported.
- Petron Corp., the Philippines' sole refiner, has procured 2.48 million barrels of crude oil from Russia to support domestic energy needs amid the ongoing war in Iran.
- The Philippines, which sources nearly all oil from the Middle East, faces a supply crunch that triggered an official energy emergency declaration by the government.
- Parent company San Miguel Corp. stated late Friday that the purchase was made "strictly out of extreme necessity," with crude augmenting Petron's inventory until June.
- Executive Secretary Ralph Recto said on Sunday the country will receive over 1 million barrels of diesel this week, while Cebu Air Inc. and Philippine Airlines Inc. confirmed adequate fuel supplies.
- Manila is negotiating fuel supplies with Japan, China, South Korea, and India following a March 7 cancellation of 2 million barrels due to heightened risks in the Red Sea and Strait of Hormuz.
Insights by Ground AI
41 Articles
41 Articles
Daily Journal+31 Reposted by 31 other sources
Philippines oil refinery secures 2.5 mn barrels of Russian crude
The Philippines' sole oil refinery has secured nearly 2.5 million barrels of Russian crude out of "extreme necessity", a stock exchange filing revealed Monday, as the country seeks to replenish fast-dwindling fuel reserves.
·Cherokee County, United States
Read Full Article
·United States
Read Full ArticleCoverage Details
Total News Sources41
Leaning Left7Leaning Right12Center12Last UpdatedBias Distribution39% Center, 39% Right
Bias Distribution
- 39% of the sources are Center, 39% of the sources lean Right
39% Right
L 22%
C 39%
R 39%
Factuality
To view factuality data please Upgrade to Premium
