MANILA – President Ferdinand R. Marcos Jr. said the Philippines is working with Russia to establish a more structured framework for oil supply arrangements, as both countries seek to strengthen energy cooperation amid global market uncertainty.
Speaking to reporters in Kazan, Russia, on Thursday, Marcos said discussions are ongoing to institutionalize petroleum trade between the two countries, although no formal contracts have been signed so far.
The President explained that current arrangements remain informal and were initially developed as an “ad hoc” response to disruptions in global oil supply triggered by the conflict in the Middle East.
“There have been no firm agreements, but an understanding that we continue developing what we started as a response to the oil crisis brought about by the war in the Middle East,” Marcos said, noting hopes for stabilization in the region.
He added that even if geopolitical tensions ease, the Philippines intends to continue exploring “non-traditional partners” to diversify its energy sources.
Marcos emphasized that Russia is being considered as a potential reliable partner in strengthening the country’s energy security.
“The Philippines is very open to getting oil supply from Russia,” he said, describing it as a way to secure an additional and dependable source of petroleum products.
According to Marcos, formalizing the arrangement could help ensure more stable and predictable access to oil imports, although he acknowledged that several geopolitical and logistical factors still need to be addressed.
“This is not simple. There are complications, including political and geopolitical considerations,” he said. “But when both sides are committed, we can find ways to make it work.”
Earlier this year, a vessel carrying more than 700,000 barrels of Russian crude oil arrived in the Philippines following the government’s declaration of a national energy emergency linked to the Middle East crisis.
elamigo/xf
