The Philippines receives its first Russian oil shipment in five years, amid energy supply concerns and geopolitical tensions.
The Philippines has received its first Russian oil cargo in five years with the arrival of a tanker carrying 100,000 tonnes of crude at Limay in Bataan province earlier this week, reports the Philippine Star and the Moscow Times.
The Sierra Leone-registered tanker Sara Sky docked at Limay, carrying ESPO blend crude loaded at Kozmino port near Vladivostok.
This shipment comes as Manila seeks waivers from Washington to import oil from sanctioned countries. The Philippines, heavily reliant on Middle Eastern supplies, faces risks from hostilities between the US and Iran.
Ambassador to Washington Jose Manuel Romualdez stated that all options were being considered, including exemptions for Venezuelan and Iranian oil.
The delivery coincided with President Ferdinand Marcos Jr. declaring a national emergency over dwindling energy supplies. Energy Secretary Sharon Garin noted that reserves were down to about 45 days, prompting a temporary reliance on Indonesian coal.
Virtually all of the country's oil and gas transit the Strait of Hormuz, leaving it vulnerable to the ongoing Middle East conflict.
The US Treasury authorized Russian crude shipments between March 12 and April 11, enabling this purchase.
Rising oil prices are adding as much as US$150 million daily to Russia's budget, according to the Financial Times.
Other East Asian nations, including Thailand, Japan, and South Korea, are also weighing Russian imports to offset lost supplies.
