THE Philippines has asked the United States for an extension of a sanctions waiver to allow it to buy more Russian oil and petroleum products, Energy Secretary Sharon Garin said Tuesday.
In a press briefing in Malacañang, Garin said the Department of Energy (DOE) has coordinated with the Department of Foreign Affairs for the request of an extension or another window for the Philippines to import oil from Russia.
“They have communicated this with our ambassador in the US. We are awaiting their response, but we are very positive on getting this other window,” Garin said.
The Philippines’ sole oil refinery, Petron, secured nearly 2.5 million barrels last month after seeing at least 4 million barrels in shipments canceled since the start of the US-Israeli war on Iran.
Washington last month eased some sanctions tied to Russia’s war on Ukraine to allow countries to purchase Russian oil that was already at sea until April 11 to stabilize energy markets, following the effective closure of the Strait of Hormuz, a key waterway for the world’s crude trade.
About 30 percent of the Philippines’ crude imports depend on supplies that have to pass through the strait.
The rest of the country’s fuel needs are sourced from Asian refiners that are also dependent on Middle East crude.
The supply crunch has caused local pump prices for key products like diesel to double.
If it fails to obtain more Russian crude, Manila would look at other sources like Colombia, the United States, and Canada, Garin said.
While these countries supply different types of crude, “we can still use their refined products,” she said, adding Manila would also consider nearer suppliers such as Brunei and India.
“We wanted to open the Russian window but we want more options. We need diversification so that we are not dependent on only one country.” The Philippines has about 50 days’ worth of petroleum supply, Garin said.
Over the weekend, US President Donald Trump said the US Navy would immediately blockade the Strait of Hormuz after talks with Tehran failed to reach a deal to end the war.
With the latest developments, Garin said the Philippines continues to be in talks with other countries to diversify the country’s fuel sources.
Garin earlier said about 98 percent of crude oil for domestic supply comes from the Middle East, where majority of shipments pass through the Strait of Hormuz.
