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Philippines eyes Russian oil supplies: EEF talks on the horizon

By Al Mayadeen English
Source: Agencies
10 Sep 2023 09:26
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The Philippines and Russia are actively exploring the potential for a mutually beneficial partnership in the realm of oil product supply.

A view shows the Russian oil producer Gazprom Neft’s Moscow oil refinery on the south-eastern outskirts of Moscow on April 28, 2022. (AFP)

The Philippines has expressed its interest in procuring oil products from Russia and intends to address this matter during the upcoming Trade and Economic Commission meeting in October. This was conveyed by the Philippine Ambassador to Russia, Igor Bailen, during an interview with RIA Novosti at the Eastern Economic Forum (EEF).

“As far as I know, there have been no deliveries of oil products yet. But there is definitely such an interest. There are certain issues we are now addressing. I hope that next month there will be a meeting of representatives of the Russian Federation and the Philippines during the Joint Trade and Economic Cooperation Commission and oil will be discussed there. But there are no details yet," the ambassador said as qouted by Sputnik.

It is worth noting that the Eastern Economic Forum (EEF) was founded in 2015 as a global platform aimed at promoting business collaboration in the Asia-Pacific region and encouraging investments in Russia's easternmost areas. The eighth edition of the EEF is currently happening from September 10 to 13 in Vladivostok, Russia.

To crack down on Russian crude oil and oil products, the EU, Group of Seven (G7) nations, and Australia have joined the US in implementing some of the harshest anti-Russia sanctions, including a ban on most oil exports to Europe and a price cap on Russian crude.

Another set of sanctions, in which the EU embargoed refined items like diesel and gasoline, went into force in February of this year.

However, these imports have expanded "by leaps and bounds" from nations that have all become the leading importers of Russian crude since the start of the war, as per the Center for Research on Energy and Clean Air (CREA).