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Philippines Seeks US Extension on Waiver for Russian Oil Purchases
🇸🇬 Singapore /Economy & Trade

Philippines Seeks US Extension on Waiver for Russian Oil Purchases

From CNA · (2d ago) English

Translated from English, summarized and contextualized by DistantNews.

TLDR

  • The Philippines has requested an extension from the US for a waiver that permits the purchase of Russian oil.
  • The waiver expired on April 11, and the country is preparing alternative supply arrangements if the request is denied.
  • The Philippines is diversifying its energy sources, exploring options in South America, Canada, and the US, in addition to Russia.

The Philippines is actively seeking to secure its energy supply by requesting an extension from the United States for a waiver that allows the purchase of Russian oil. Energy Secretary Sharon Garin confirmed that the government is optimistic about obtaining this extension, which expired on April 11, but is simultaneously developing contingency plans should the request be declined. This strategic move underscores the nation's commitment to diversifying its energy sources and ensuring a stable supply amidst global market fluctuations.

The Philippines' Secretary of Energy Sharon Garin on Tuesday (Apr 14) said the country has asked the US to extend a waiver to purchase Russian oil and petroleum products.

— Sharon GarinAnnouncing the Philippines' request for an extension of the waiver.

Garin emphasized that the Philippines' interest in Russian oil is part of a broader strategy to broaden its energy options. "We wanted to open the Russian window because we want more options. We need diversification," she stated during a news briefing. The country is not solely reliant on any single source and is actively exploring potential suppliers in South America, including Colombia and Argentina, as well as Canada and the United States. This multi-pronged approach aims to enhance energy security and mitigate risks associated with geopolitical tensions and supply chain disruptions.

We are awaiting their response, but we are very positive on getting this other window.

— Sharon GarinExpressing optimism about receiving the waiver extension.

In parallel efforts to address rising fuel costs, President Ferdinand Marcos Jr. recently suspended excise taxes on kerosene and liquefied petroleum gas, following emergency powers granted by Congress to adjust fuel tax rates. While his economic team supported this measure, they advised against suspending excise taxes on diesel and gasoline, arguing that the resulting price reduction would be marginal and largely offset by market dynamics. The Philippines' proactive engagement with international partners and its strategic energy policy decisions reflect a determined effort to navigate the complexities of the global energy landscape.

We wanted to open the Russian window because we want more options. We need diversification, she said.

— Sharon GarinExplaining the strategic rationale behind seeking Russian oil.
DistantNews Editorial

Originally published by CNA in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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