Petron Corp. has procured 2.48 million barrels of crude oil from Russia to secure fuel supply in the country until June 2026, the company said.
In a disclosure, Petron said the purchase was an emergency measure due to global supply disruptions and limited access to other crude sources. It stressed that sourcing from Russia is not part of its regular strategy and was done only after exhausting other options.
The company cited ongoing constraints in key shipping routes, including the Strait of Hormuz, which have disrupted supply chains. Petron, which holds about 30 percent of the local fuel market and operates the country’s only oil refinery, said the move was necessary to help ensure national energy security.
Earlier, government officials confirmed that part of the shipment—around 700,000 barrels—has already arrived in the Philippines.
Petron added it coordinated with agencies such as the Department of Energy, Department of Finance, and Bangko Sentral ng Pilipinas before proceeding with the purchase. It did not disclose the cost of the deal but said it may consider further Russian imports if the supply crisis continues.
Amid the situation, Petron president and CEO Ramon Ang renewed his offer to sell the company back to the Philippine government. He said the proposal, first made in 2021, remains open as the country faces an energy emergency.
Ang suggested the sale could be done in stages to ease the financial burden on the government. He emphasized the importance of maintaining local refining capacity, noting that Petron’s Bataan refinery processes up to 180,000 barrels per day and supplies about one-third of the country’s fuel needs.
Petron was privatized in 1994 and later fully acquired by San Miguel Corp. in 2009. The company currently operates more than 2,400 fuel stations nationwide.
