President Ferdinand Marcos Jr. said the Philippines is exploring a possible formal oil supply arrangement with Russia as part of efforts to address global energy volatility and ongoing geopolitical tensions.
Speaking during a Kapihan with the Media in Kazan, Russia, before returning to Manila, President Marcos clarified that no firm agreement has been finalized, but both sides have expressed openness to deeper energy cooperation.
“There was an understanding that we will continue to develop what we had already started as a response to the oil crisis that was the effect of the war in the Middle East,” the President said.
President Marcos said the Philippines is looking to diversify its energy sources by engaging non-traditional suppliers to help secure more stable petroleum supply chains and reduce exposure to external disruptions.
“And I can say that President Putin and the Russian government were very open to any kind of suggestion that we increase engagement and look further into sourcing petroleum products from Russia,” he said.
He noted that current oil imports from Russia have been conducted on an ad hoc basis, underscoring the need for a more structured arrangement moving forward.
“This is yet to be decided. There are many complications. It is not that simple as signing a trade agreement. There are geopolitical considerations,” President Marcos said.
“But when both parties are determined to make it work, I’m confident we will find a way to address those challenges and make it a reality,” he added.
The Philippines previously received 700,000 barrels of Russian crude oil in March, following a purchase by Petron Corp., shortly after the declaration of a state of national energy emergency amid Middle East tensions.