+44 207 394 30 90 (London)

Philippines to import diesel from Russia

Main-Conference » News » Philippines to import diesel from…

The Philippines will import about 240 million liters of diesel from Russia and other countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC), an energy official said on Thursday.

This, however, is not expected to bring down oil prices in the country.

Energy Undersecretary Felix William Fuentebella said the importation was only for “stockpiling purposes.”

ADVERTISEMENT

“It’s too small. What we are saying is that it is for stockpiling. It will support our minimum inventory requirement, so more of energy security,” Fuentebella said in a Palace briefing.

“But nonetheless, we are exploring this process so that in the end it would help lower down prices,” he added.

The energy official said the Philippine National Oil Company – Exploration Corporation has started the importation process, which would only be good for three days and would not have an “immediate” impact on oil prices in the Philippines.

“If you are asking me if that figure will be significant, not yet. But the marching orders of the President is towards that direction,” he said. “What we are pushing is competition so we added players.”

Presidential Spokesperson Harry Roque said earlier that the decision to import oil from Russia was President Rodrigo Duterte’s order aimed at addressing consumers’ concern on rising oil prices. /ee

Source: https://newsinfo.inquirer.net

MORE

The 10 Most Important Oil Market Trends For 2020

As a busy 2019 in the oil and gas industry ends, analysts are busy issuing predictions about next year and what they would mean for oil markets and prices. This year saw a mix of some of the more predictable events—such as OPEC and Russia extending their cooperation pact, twice—and a ‘black swan’ such as…


Gazprom for Pakistan gas pipeline feasibility study

Russian company Gazprom is set to initiate the feasibility study in the first quarter of 2020 for laying down undersea pipeline starting from Gulf to Pakistan, India and Bangladesh initially that will ultimately end to China after touching Myanmar and Thailand, a senior official of the Petroleum Division privy to the development said. The pipeline…


Refinery news roundup: Works continue in Europe

Some turnarounds are continuing in Northwest Europe and the Mediterranean, although most scheduled works have been drawing to a close. Greek refiner Hellenic said that its performance in the third quarter was “positively affected by improved refining environment, despite weaker benchmark refining margins compared to historical highs recorded in recent years, as well as the…