The Russians’ intention to invest in the Philippines’ energy sector is a huge boost to the country’s efforts for stable energy supply.
Department of Energy Secretary Alfonso Cusi, part of the official delegation of President Rodrigo Duterte to Russia, said on Friday that the DOE already provided the Russians the framework on how to invest in Manila.
“The Russians have expressed their interest in exploration, power sector and petroleum. This is a welcome development and will help boost our campaign for energy security and stability,” Cusi told the Daily Tribune.
“We have given the Russians the framework and information/guidelines how to invest in the energy sector which they have to follow.”
President Duterte has asked Rosneft chief executive officer Igor Sechin in a closed-door meeting to consider exploring and investing in the Philippines.
Russia is one of the top three oil-producing countries worldwide with a production of 10.8 million barrels per day, according to data from the US Energy Information Administration.
In August, Rosneft announced it is acquiring Petersburg Fuel Company, St. Petersburg’s leading independent fuel operator, opening an opportunity for the company to become the leader in the filling station market in St. Petersburg and Leningrad Region, one of the biggest in the Russian Federation.
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