MANILA — Petron Corporation has bolstered its oil reserves by acquiring 2.48 million barrels of crude from Russia, a strategic move to maintain supply stability until June amid ongoing turmoil in the Middle East.
In its disclosure to local regulators on Monday, the company said the procurement was an “extraordinary emergency measure,” undertaken in light of severe geopolitical and logistical challenges affecting global oil markets.
Petron clarified that sourcing oil from Russia is not part of its routine strategy but was deemed necessary after all other commercially feasible options were explored.
The firm had previously received more than 700,000 barrels of Russian crude last week, signaling a concerted effort to secure an uninterrupted fuel supply.
Petron controls 30 percent of the country’s fuel market and operates as the Philippines’ only oil refinery.
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