Petron buys 2.48 million barrels of Russian crude to bolster fuel supply through June
The Facts
- Petron Corp. purchased 2.48 million barrels of crude oil from Russia.
- Petron said the Russian crude would help supply its inventory or refinery operations through June.
- Petron described the purchase as an emergency or extraordinary measure rather than part of its normal sourcing strategy.
- Petron said it coordinated the purchase with the Philippine Departments of Energy and Finance after those agencies urged local companies to secure alternative crude and finished-product supplies.
- Petron is the Philippines’ only oil refinery and controls about 30% of the domestic fuel market.
- Petron and San Miguel Corp. said they may consider additional Russian crude purchases if the Middle East crisis continues and other crude sources remain unavailable or insufficient.
- The purchase was reported amid disruptions to oil supply linked by the sources to the Middle East conflict and the closure or partial closure of the Strait of Hormuz.
Context
Why did Petron buy Russian crude?
Petron said it bought the crude as an emergency response to supply disruptions tied to the Middle East conflict, after saying its usual sourcing routes were under strain and alternative supplies were not enough GMA Network,Manila times,Philstar.com.
How long is the new supply expected to last?
Petron and San Miguel said the 2.48 million barrels, together with other secured supplies, should keep the refinery’s inventory or the country’s fuel stocks covered until June GMA Network,SCMP,Philstar.com.
Could Petron buy more Russian oil?
Yes. Petron and San Miguel said they may consider more Russian crude if the crisis continues and other sources remain unavailable or insufficient, and that any further move would be coordinated with the Philippine government Manila times,SCMP,Philstar.com.
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