Philippines yet to seal oil deal with Russia, president says Due to “geopolitical considerations”

The Philippines has not yet reached a decision on a new purchase of Russian oil, President Ferdinand Marcos Jr said, noting that no firm agreement has been concluded on additional shipments.

Marcos Jr said any potential deal remained subject to “political and geopolitical considerations” and highlighted the complexity of energy procurement.

“There are many complexities involved. It is not as simple as signing a trade agreement,” he said, according to ABS-CBN News, adding that discussions on possible oil supplies from Russia were ongoing but “not yet decided”.

He said he was confident that progress could be made if both sides were committed. “When both sides are determined to succeed, it will work, and we will find a way to overcome these problems and difficulties,” Marcos Jr said.

The Philippine leader also said there were no firm agreements in place, only an understanding to continue exploring cooperation initiated in response to an energy crisis triggered by the conflict in the Middle East.

In March, Philippine authorities declared a state of emergency in the energy sector following disruptions linked to the escalation of tensions in the region. The Philippines imports around 98% of its oil from Middle Eastern countries, with much of it transported via the Strait of Hormuz.

The country received its first shipment of Russian oil in five years in late March. Marcos Jr said those supplies were expected to last until June 30.

By Aghakazim Guliyev