Pump jacks pump oil at an oil field Buzovyazovskoye owned by Bashneft company, north of Ufa, Bashkortostan, Russia, July 11, 2015. REUTERS/Sergei Karpukhin/File Photo
MANILA, Philippines – The Philippine National Oil Company Exploration Corporation (PNOCEC) is now working on the importation of 200 metric tons or a total of 240 million liters of diesel from Russia through the government-to-government scheme.
The said volume is enough for three days to ensure energy security in the country.
However, Department of Energy (DOE) Spokesperson Undersecretary Wimpy Fuentebella said this will not bring immediate relief to the surge in oil prices.
“Masyado siyang maliit (It’s too small). Ang sinasabi natin, stock-piling siya (It’s for stock-piling). Ito ay suporta pa sa (It’s additional support to the) minimum inventory requirement. So it’s more on energy security,” he said.
DOE believes that through this importation, private oil retailers will follow through and consider importing diesel from Russia as well.
This will enhance competition among oil producers and will eventually result in cheaper prices of local diesel and other fuels.
“Ini-explore natin iyong proseso kung papaano ito gagawin para in the end baka makatulong din sa prices; although sa ngayon talagang sobrang liit niya,” Fuentebella explained.
(We are exploring the process of implementation so that in the end it may also help with the prices; although at present, it really is too small.)
The diesel importation from Russia will be funded through Government-Owned and Controlled Corporations (GOCC). The government is eyeing to place the diesel in two storage facilities in Subic, Zambales.
DOE expects the arrival of the Russian diesel in less than six months.
The PNOCEC also considers negotiating with other countries that are not members of the Organization of the Petroleum Exporting Countries (OPEC) such as Thailand in importing diesel. – Rosalie Coz | UNTV News & Rescue
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