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By Euan Paulo C. Añonuevo,
Reporter
The government plans to revive
talks with petroleum-rich Russia in a bid to diversify the
country’s sources of oil, which mainly comes from the Middle East.
Based on the new Philippine
Energy Plan (PEP) 2007 to 2014, the government is considering an
“energy experts’ meeting” to discuss possible areas of
cooperation between the Philippines and Russia, the second-largest
exporter of oil estimated to hold up to 60 billion barrels of oil
reserves.
Russia also has the world’s
largest natural gas and coal reserves estimated at 1,680 trillion
cubic feet and 173 billion tons, respectively.
The government had approached
Russia in 2002, aiming to source from it 10 percent of the
country’s crude requirements. The Philippines imports more than 90
percent of its oil requirements from Middle East countries.
“The intention is to resume
negotiations,” the PEP said.
Besides the possible supply of
the country’s oil requirements, the PEP has also proposed a
possible partnership for the establishment of an oil refinery and
liquefied natural gas (LNG) facilities as well as the conduct of
joint exploration and production in the upstream oil industry.
The Philippines currently has
only two oil refineries—the 180,000-barrels-a-day refinery of
state-owned Petron Corp. in Bataan and the 110,000-barrels-a-day
facility of Pilipinas Shell Petroleum Corp.’s in Batangas.
On the other hand, the lack of
natural gas facilities such as receiving terminals and gas pipelines
has hampered the transport sector from taking full advantage of the
alternative fuel.
The government is eyeing to
promote the use of such relatively cheaper and cleaner fuel and
indigenous energy sources to cut the country’s reliance on
expensive oil imports.
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