MANILA, Philippines—Petron Corporation on Monday said that it may continue to purchase Russian oil to augment the country’s fuel supply if the war in the Middle East continues.
"We would like to disclose that if the current crisis persists and alternative crude sources remain unavailable or insufficient, we may again be compelled to consider purchases of Russian crude oil to augment the national fuel and directly mitigate the inimical consequences resulting from the absence of a stable and reliable source of crude," Petron said.
"Any initiative taken by the corporation shall be made in close coordination with the Philippine government and would be guided by the overriding objective of ensuring energy security for the country," it added.
Petron also disclosed that on March 24, through Executive Order 110, it has procured a total of 2,480,000 barrels of crude oil from Russia.
