Philippines receives first Russian oil shipment in five years

MANILA, Philippines, March 26 ------ The first shipment of Russian crude oil in five years arrived in the Philippines following reported talks among the Philippine government, private firms and Russian suppliers.

Multiple reports citing analytics firms LSEG, Kpler and OilX on shipping data point to a tanker carrying 100,000 tonnes of ESPO blend crude from Russia's Kozmino port was bound for Petron's refinery in Bataan. Shipping tracker Marine Traffic listed Sierra Leone-flagged ship Sara Sky carrying the oil arrived in Limay, Bataan.

Reuters earlier reported that the Philippines is expected to import Russian oil this month as it seeks an alternative supply source amid fears of a lack of supply as Iran continues its chokehold on the Strait of Hormuz in its war with the United States. The Philippines relies heavily on Middle Eastern oil, facing supply risks and pricing spikes linked to the tensions.

Energy Secretary Sharon Garin earlier said Manila was exploring all options, including Russia. President Ferdinand Marcos Jr. himself confirmed in an interview with Bloomberg that the government is "trying anything, everything to secure supply" from Russia and even China despite price challenges. “Russia is not a traditional supplier of crude oil to the Philippines or any energy supply, but we are exploring that as well,” Marcos said Tuesday, as quoted in a Malacañang news release.

A 30-day window expiring April 11 the US issued lifting sanctions on Russian oil while the conflict is ongoing allowed countries to purchase Russian oil cargoes already in transit. The Philippines also in talks with suppliers in Thailand, Japan and Singapore. President Ferdinand Marcos Jr. on Wednesday declared a national energy emergency through an executive order, allowing government to respond faster to supply risks from the war. Such measures include fast-tracked fuel procurement, advance payment for fuel contracts, and a focus on securing the movement and availability of fuel and other essential goods expected to be affected by the rising prices. The order is set to run for a year.

Source: philstar.com