PH eyes waiver extension for Russian oil imports, cites alternative suppliers

The Philippines is seeking another window or extension of a sanctions waiver from the United States to allow continued oil imports from Russia, even as alternative suppliers are available should the request be denied, the Department of Energy (DOE) said Tuesday.

According to Energy Secretary Sharon Garin, the DOE has already communicated with the Department of Foreign Affairs (DFA) for the request of an extension or another window for the Philippines to import oil from Russia, which the agency will then forward to the Philippine Ambassador to the United States.

“We’re awaiting for their response, pero (but) we’re very positive on getting this window. If it doesn’t come through, we have other options also,” she said in a briefing.

This comes as the United Nations implemented sanctions on trade with Russia following its invasion of Ukraine, which can be lifted by the United States through a waiver.

A ship carrying 700,000 barrels of Russian crude oil arrived in the Philippines last month, with documents showing Petron Corp., the operator of the Philippines’ soil oil refinery, as the consignee.

“Hindi lang naman Russia ang nagpo-produce. Ang South America meron din, halimbawa Colombia, Argentina, halos lahat sila niyan sa South American meron. Even Canada, US. There are different types of crude oil pero and refined products nila ay magagamit pa rin natin,” Garin said.

(Not only Russia produces. South America also produces, like Colombia, Argentina, almost all in South America produces. Even Canada, US. There are different types of crude oil but we can still use their refined products.)

“Even in nearby countries like Brunei, India, marami pa rin naman tayong (we still have) other options. We wanted to open the Russian window because we want more options. Diversification kailangan para hindi tayo dependent sa isang country lang (is needed so that we are not dependent on just one country),” she added.

Global oil prices have continued to be volatile amid the ongoing conflict in the Middle East, as US President Donald Trump over the weekend said the US Navy would immediately blockade the strait after talks with Tehran failed to reach a deal to end the war.

Prior to this, Trump agreed to a ceasefire with Iran, subject to Iran’s agreement to pause its blockade of oil and gas supplies through the strait.

The ceasefire came less than two hours before the deadline for Iran to reopen the Strait of Hormuz at 8 p.m. last Tuesday, Eastern time (9 a.m. on Wednesday, April 8, Philippine time), or have its power plans and bridges targeted.

With the latest developments, Garin said the Philippines continues to be in talks with other countries to discuss concerns and possible solutions.

“We are continuously holding dialogs with the other embassies, including the US also,” she said. —AOL, GMA News