@yianramendoza

PNOC to buy 2 million barrels of diesel Aubrey Rose Inosante ADVERTISEMENT MANILA, Philippines — The Philippine National Oil Co. (PNOC) has begun procuring two million barrels of oil from the global market to shore up the country’s fuel reserves, Finance Secretary Frederick Go said yesterday. Go told reporters the additional supply is equivalent to 10 days of buffer stock. “The PNOC-EC has already started the procurement process and we should be able to procure about two million barrels of oil anytime now to dispel fears that we will have an oil shortage,” he told the InvestPH conference in Taguig City. This was also double the one million barrels initially planned. The Philippines, which mostly procures its supply from South Korea, Japan, Singapore and China, has approached Russia to negotiate a possible supply contract. The United States recently suspended its sanctions on Russian oil exports.

0 reply

0 recast

0 reaction