Philippine refiner Petron Corp. has received a shipment of Russian oil, according to its chief executive officer, after the US issued a waiver allowing the purchase of the crude.
Petron CEO Ramon Ang confirmed the receipt of the oil from the OPEC+ member, but didn’t provide further details. The US earlier this month issued a sanctions waiver, which allowed countries to buy Russian oil that had already been loaded onto tankers.
The measure was aimed at easing a shortage of oil due to the effective closure of the Strait of Hormuz since the Middle East war began at the end of February. Import-dependent Asia has been hardest hit, as it sources most of its crude from the region’s producers.
The Philippines, which is heavily reliant on imported oil, is trying to find alternative sources to ease the supply crunch that has triggered an emergency declaration from the government. It’s also negotiating supply from Japan, China, South Korea and India.
The Philippines was also trying to get a general waiver from Washington that would allow direct oil purchases from Russian producers, said Jose Manuel Romualdez, the country’s ambassador to the US. “We are one of many seeking the same,” he said.
Some 13.5 million barrels of Russian crude on about 18 tankers, located east of the Suez Canal, were likely available for purchase as of Wednesday, according to ship-tracking data compiled by Bloomberg. That’s down from 25 vessels holding about 19 million barrels nearly two weeks earlier, when the US waiver was broadened from just India to other countries.