PETRONAS denies fuel deal with PH local gov't

Malaysia’s state-owned oil and gas company Petroliam Nasional Berhad (PETRONAS) on Sunday denied reports that it was involved in or had entered into any fuel supply agreement with a local government unit in the Philippines.

“PETRONAS wishes to clarify that it is not aware of, nor involved in, any such arrangement, and has not entered into any related agreement or commitment,” the company said in a statement.

The clarification came in response to reports that Davao del Norte was planning to procure 44 million liters of oil from Malaysia, with a provincial official claiming that discussions were underway with PETRONAS.

However, the company stressed that it is not part of any such arrangement and has not engaged in any related commitments.

PETRONAS added that its priority remains ensuring stable fuel supply within Malaysia.

“PETRONAS’ immediate focus is to ensure that reliable and continuous fuel supply is available for Malaysia. This remains its utmost priority, supported by established supply networks and close coordination with the Government,” it said.

The Department of Energy (DOE) earlier reported that it has secured and confirmed the arrival of 165,678,000 liters, or about 1.042 million barrels, of diesel. The initial shipment of 22,578,000 liters arrived on March 26.

Meanwhile, Prime Energy, led by tycoon Enrique Razon Jr., is expected to begin producing natural gas from Malampaya Phase 4 by late 2026 following successful drilling, completion, and flow testing at the Camago-3 well offshore Palawan.

President Ferdinand R. Marcos Jr. earlier assured the public that the country has sufficient crude oil supply until June 30 this year.—MCG, GMA Integrated News