Philippines seeks to become Russia's Asian oil hub

Oct 19, 2005 02:00 AM

The Philippines is hopeful it will become the regional oil distribution hub for Russia, Foreign Affairs Secretary Alberto Romulo said.
"We are very hopeful that we would get... a memorandum of understanding on energy cooperation," said Romulo, who was discussing details of his recent trip to Russia aimed at finding other sources of oil for the Philippines.

"We are asking them to consider the Philippines as a market for oil... and not only that, (but also that this country) should be used as a distribution centre for natural gas and oil in this area," he said.
Romulo said aside from diversifying the source of oil products for the Philippines, such an arrangement would bring in investments for the country.

He noted the Philippines is a strategic location for Russia, whose major oil and natural gas resources are found in its Far Eastern regions.
Romulo said the government has invited Russian energy experts to visit the Philippines. They are expected to arrive either in November or December.

Source: Dow Jones Newswires
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