Philippines Seeks Long-Term Oil Supply Deal With Russia

PH yet to seal Russia oil deal due to 'geopolitical considerations'

PRESIDENT Ferdinand Marcos Jr. said that the Philippines has not reached an oil importation deal with Russia, citing geopolitical complexities that continued to shape discussions between the two countries.Speaking to reporters in Kazan, Russia, on Thursday, Marcos said negotiations on a possible long-term petroleum supply arrangement remained ongoing.“In terms of energy, there have been no firm agreements, but merely an understanding that we wil…

Philippines Seeks Long-Term Oil Supply Deal With Russia

The Philippines is looking to formalize a deal to buy oil from Russia on a more permanent basis amid the energy crisis and heightened geopolitical tensions, Philippines President Ferdinand R. Marcos Jr. has said. The Philippines has been one of the worst-hit Asian economies in the current oil supply crisis triggered by the Middle East conflict, and has turned to Russia for ad-hoc spot supply to cover the shortfall of cargoes from the Middle East…