The Philippines is set to import Russian oil next week for the first time in five years, days after the government said it was considering buying oil from Moscow, LSEG, Kpler and OilX data shows and traders said.
The United States issued a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products stranded at sea, in what Treasury Secretary Scott Bessent said last week was a step to stabilise global energy markets roiled by the Iran war. The move made it easier for buyers worldwide to purchase Russian oil.
The Philippines' energy secretary said on Monday the country had approached Russia for possible oil importation, but gave no details on possible volumes and duration. The vessel Sara Sky with 100,000 tonnes (about 750,000 barrels) of ESPO Blend oil on board loaded from the Russian Far East Kozmino port is on its way to the Bataan terminal in Limay in the Philippines, according to data provided by LSEG, Kpler and OilX.
The cargo is destined for the Bataan refinery, the country's largest, operated by Petron Corporation, traders said. Petron Corporation was not immediately available for comment due to a national holiday in the Philippines. Russia's energy ministry did not immediately respond to a Reuters request for comment.
The Philippines was a regular buyer of Russian Sokol and ESPO Blend oil prior to 2022, when Western countries imposed a ban on Russian oil trade for its military actions in Ukraine. It last imported Russian oil in 2021, when it purchased a cargo of Sakhalin's Sokol, LSEG and Kpler data shows.
(Additional reporting by Siyi Liu and Florence Tan in Singapore; Editing by Emelia Sithole-Matarise)
