Mike Gonzalez
A statement from San Miguel Corporation, the conglomerate that owns Petron Corporation, reads, "If the current crisis continues and there are no alternative supply routes or if those routes have limited capacity, Petron Corporation may once again have to consider buying Russian oil to restock its fuel supplies."
San Miguel Corporation stated that these deliveries enabled it to restock its petroleum product supplies until June. On March 20, Manila stated that its oil reserves are expected to last for 45 days.
On February 28, the same day that the United States and Israel launched attacks on Iran, a shipment of 2 million barrels of oil intended for the Philippines was unable to pass through the Strait of Hormuz. The second shipment of 2 million barrels, which was scheduled for delivery on March 7, was also canceled.
Meanwhile, Manila is working out agreements on fuel supplies with China, Japan, South Korea, and India. Philippine officials have stated that Indonesia has committed to keep providing coal.
source: bloomberg.com
San Miguel Corporation stated that these deliveries enabled it to restock its petroleum product supplies until June. On March 20, Manila stated that its oil reserves are expected to last for 45 days.
On February 28, the same day that the United States and Israel launched attacks on Iran, a shipment of 2 million barrels of oil intended for the Philippines was unable to pass through the Strait of Hormuz. The second shipment of 2 million barrels, which was scheduled for delivery on March 7, was also canceled.
Meanwhile, Manila is working out agreements on fuel supplies with China, Japan, South Korea, and India. Philippine officials have stated that Indonesia has committed to keep providing coal.
source: bloomberg.com
