MANILA, Philippines — President Ferdinand Marcos Jr. said the Philippines has begun exploratory talks with Russia, a non-traditional trading partner, regarding the possibility of fuel importation to boost the country’s stockpile.
Marcos’ disclosure was made in an interview with Bloomberg News.
“Russia is not a traditional supplier of crude oil to the Philippines or any energy supply, but we are exploring that as well,” he said.
He added that the Philippines was likewise “still working” on getting China to commit to adding to its fuel supply.
“Basically, we are trying anything, everything to secure supply because that’s the one thing that we can do about. The pricing is going to be a much more difficult challenge because everyone is a price taker when it comes to oil,” he said.
Following the outbreak of hostilities in the Middle East, the president said the country would be looking for alternative sources of oil. Apart from Russia and China, the government is also looking at Asian partners like Thailand, Japan, Singapore, South Korea, and Brunei.
