MOSCOW, Russia: The first shipment of Russian crude oil in five years arrived in the Philippines after reports of negotiations between the Philippine Government and Russian suppliers, according to the PhilStar newspaper on Wednesday, reported Sputnik/RIA Novosti.
The ship with Russian oil arrived in Limay municipality in the Philippine province of Bataan on Tuesday, March 24.
RIA Novosti stated that last week, Reuters reported, citing shipping data from analytics firms LSEG, Kpler and OilX, that a vessel carrying 100,000 metric tonnes (about 750,000 barrels) of ESPO Blend crude loaded at the Kozmino port in Russia’s Far East was headed to the Philippines.
It added the cargo was bound for the country’s largest refinery in Bataan, owned by Petron Corporation.
On February 28, the United States (US) and Israel launched strikes on targets in Iran, including in Tehran, causing damage and civilian casualties.
Iran responded by striking Israeli territory and US military facilities in West Asia.
The escalation around Iran has led to the de facto halt of traffic in the Strait of Hormuz, a key route for deliveries of oil and liquefied natural gas from the Persian Gulf countries to the global market, affecting oil exports and production in the region.
Philippine President, Ferdinand Marcos Jr, on March 23 ordered the creation of a crisis committee to ensure stable oil supplies, and a day later declared a state of emergency in the energy sector.
The country has also sought exemptions from the US to allow it to purchase oil from sanctioned nations. – BERNAMA-SPUTNIK/RIA NOVOSTI
