MANILA – The importation of oil from Russia following the temporary lifting of sanction on Russian crude oil in transit at sea is “being considered” by the Philippines, Foreign Affairs Secretary Ma. Theresa Lazaro said on Friday.
Lazaro, in a virtual presser after convening a special Association of Southeast Asian Nations (ASEAN) foreign ministers meeting, answered in the affirmative when asked if Manila is considering to import from Russia as global energy disruptions persist due to the ongoing Middle East conflict.
“That is something which is being considered, but I will leave this to the office, or rather to the Cabinet member in charge of this, and that is the Department of Energy,” she said.
Energy Secretary Sharon Garin earlier said around 98 percent of crude oil for domestic supply comes from the Middle East, where majority of shipments pass through the currently Iran-blocked Strait of Hormuz.
The U.S. temporarily allowed the delivery and sale of sanctioned Russian crude oil and petroleum products loaded on vessels as of March 12, authorizing its shipment for a month, until April 11.
The waiver is aimed at mitigating spikes in oil prices as major oil-producing states in the Gulf get caught in crossfires of the U.S.-Israel war with Iran. (PNA)