Marcos says Philippines, Russia beginning to put oil supply system in place
At A Glance
- President Marcos said the Philippines and Russia are beginning to establish a more systematic arrangement for petroleum supplies.
- Previous oil purchases from Russia were made on an ad hoc basis following the Middle East-induced oil crisis.
- No firm energy agreements have been signed, and geopolitical considerations remain.
President Marcos said the Philippines and Russia are beginning to put in place a system for petroleum supplies after previous purchases from Moscow were made on an ad hoc basis in response to the global oil crisis triggered by the conflict in the Middle East.
Speaking to reporters in Russia following the ASEAN-Russia Commemorative Summit, Marcos said both sides are looking at ways to deepen engagement on energy cooperation and potentially secure another source of petroleum products for the Philippines.
"Now we are beginning to put that system in place and I think it will be very good for the Philippines to have another assured lifeline when it comes to petroleum products," he said.
The President said the government had previously instructed agencies to look for alternative sources of fuel wherever supplies could be obtained after global markets were disrupted by the war in the Middle East.
"One of those places was Russia," he said.
Marcos, however, clarified that no firm agreements on energy cooperation were reached during his discussions with Russian President Vladimir Putin, but both countries agreed to continue developing initiatives that had already started during the oil supply disruptions.
"There have been no firm agreements, but merely an understanding that we will continue to develop what we had already started," he said.
Seeking non-traditional partners
Despite hopes that tensions in the Middle East would ease, President Marcos said the Philippines would continue pursuing "non-traditional partners" for its petroleum requirements to ensure energy security.
He said the government wants to have more options in case future global conflicts suddenly disrupt fuel supplies.
"We don't know if the supply will again be suddenly cut, but now we have many more options than we did before," he said.
Asked whether the Philippines would regularly source petroleum products from Russia, Marcos said the matter has yet to be decided because of various complications, including geopolitical considerations.
"It is not that simple, signing a trade agreement," he said.
Nonetheless, the President expressed confidence that both countries could find ways to overcome the challenges if they remain committed to making the partnership work.
"When two parties are determined to make it work, I'm always very confident that it will work and we will find a way around those challenges and those complications so that we make it a reality," he said.