2.48 MILLION BARRELS OF RUSSIAN CRUDE PROCURED

 NEWS UPDATE: 2.48 MILLION BARRELS OF RUSSIAN CRUDE PROCURED

Petron Corp., the country’s only oil refiner, said it has procured a total of 2.48 million barrels of crude oil sourced from Russia as the country faces an energy emergency.

These orders, along with all other crude secured, will beef up the company’s fuel inventory until June, Petron said.

It also noted that the procurement of Russian crude is not part of its business-as-usual sourcing strategy, as the orders were undertaken “strictly out of extreme necessity.”

“A refinery shutdown for failure to secure crude would lead to serious nationwide fuel shortages, sharp price spikes, panic buying, disruption to transportation and logistics, and broader economic dislocation,” the company said in a statement today.

| via Brix Lelis / Philippine Star

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