Enough until June: Petron acquires 2.48M barrels of crude oil from Russia

MANILA, Philippines — Petron Corp., led by tycoon Ramon Ang, has acquired 2.48 million barrels of crude oil from Russia to boost its stockpile as the Middle East war continues to disrupt oil supply.

In a disclosure to the local bourse Monday, the company said the procurement would support its stockpile until June.

The oil giant said that the move to source additional supply from Russia was “not part of the corporation’s business-as-usual sourcing strategy.” However, it noted that the situation prompted Petron to conduct “an extraordinary emergency measure.”

READ: Ramon Ang still open to Petron sale to gov’t

“[This was] in response to unprecedented geopolitical and supply-chain disruptions andonly after exhausting all commercially and operationally viable alternatives,” it said.

It was earlier reported that Petron had already received more than 700,000 barrels of Russian crude oil last week.

Petron holds 30 percent of the market share in the local fuel supply. It is the country’s only oil refiner./dda

READ: Russian oil arrives as Philippines battles ‘energy emergency’