Dangote Refinery Clarifies May Crude Allocation Amid Conflicting Reports

📰 Original title: Dangote refinery counters reports of higher crude allocation from Nigerian government

🤖 IA: It's not clickbait ✅
👥 Usuarios: It's not clickbait ✅

View full AI summary: https://killbait.com/en/dangote-refinery-clarifies-may-crude-allocation-amid-conflicting-reports/?redirpost=dd345864-fec8-4313-8a01-791ad52376ad

#business #dangote #nigeria #crudeoil

Dangote Refinery Clarifies May Crude Allocation Amid Conflicting Reports

📰 Original title: Dangote refinery counters reports of higher crude allocation from Nigerian government

🤖 IA: It's not clickbait ✅
👥 Usuarios: It's not clickbait ✅

View full AI summary: https://killbait.com/en/dangote-refinery-clarifies-may-crude-allocation-amid-conflicting-reports/?redirpost=dd345864-fec8-4313-8a01-791ad52376ad

#business #dangote #nigeria #crudeoil

Almost 2.5 Million Barrels of Russian Crude Oil Acquired By Petron

Fuel giant Petron confirmed that it has almost 2.5 million barrels of crude oil from Russia, according to news report by GMA News. The acquisition has been perceived by many as crucial as the Philippines is struggling with very expensive fuel.

To put things in perspective, posted below is an excerpt the GMA News report. Some parts in boldface…

Petron Corp. on Monday confirmed the procurement of 2.48 million barrels of crude oil from Russia to augment its inventory until June, as the country’s supply reaches what it described as a “precarious” level amid the ongoing conflict in the Middle East.

The listed fuel retailer, which holds a 30% share of the Philippine market and operates the country’s only oil refinery, said it closely coordinated with the Departments of Energy (DOE) and Finance (DOF) on the purchase after both agencies called on local companies to secure alternative sources of crude and finished products.

“The corporation wishes to emphasize that the procurement of Russian crude oil is not part of its business-as-usual sourcing strategy,” Petron said in a regulatory filing.

“The purchases were undertaken strictly out of extreme necessity, as an extraordinary emergency measure in response to unprecedented geopolitical and supply chain disruptions, and only after exhausting all commercially and operationally viable alternatives,” it added.

Petron said it also received confirmation from the Bangko Sentral ng Pilipinas (BSP) that there is no prohibition under Philippine law on sourcing foreign currency for import and trade transactions, clearing the way for the importation of Russian crude oil.

The corporation said that if the current crisis persists and alternative crude sources remain unavailable or insufficient, it may again be compelled to consider purchasing Russian crude oil to augment the national fuel supply.

It added that this would help directly mitigate the adverse consequences arising from the absence of a stable and reliable source of crude.

Let me end this post by asking you readers: What is your reaction to this recent development? Does Petron’s procurement of 2.48 million barrels of Russian crude oil make you feel relieved when it comes to the overall supply of fuel in the Philippines?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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