DOE: US extends waiver for purchase of Russian oil

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The fresh waiver allowing for the purchase of Russian oil is effective until May 16

MANILA, Philippines – The United States has extended a waiver which allows the Philippines to purchase oil from Russia, the Department of Energy (DOE) said on Monday, April 27.

Energy Undersecretary Alessandro Sales told reporters during a press conference the waiver is effective from April 17 to May 16, eastern time.

“This one-month waiver is for everyone,” Sales said, referring to all countries.

The US initially granted a 30-day waiver in March to import Russian oil and petroleum products. This expired on April 11, and the DOE earlier said the Philippine embassy in the US has since been negotiating for an extension.

The US initially imposed sanctions against the purchase of Russian oil to deprive Moscow of revenue needed to fund its war on Ukraine.

Through the original waiver, Petron Corporation purchased around 2.4 million barrels of crude oil from Russia to augment its inventory until June. Petron operates the Philippines’ sole crude oil refinery.

As of Friday, April 24, the DOE said that the Philippines fuel inventory can now last up to 54 days, slightly longer than the previous week’s 52.02 days.

Energy Secretary Sharon Garin noted that the country’s liquefied petroleum gas (LPG) supply is improving since the country has placed a consolidated order with local firms from a US-based supplier.

“So, we have an order coming in May and then our oil companies are also ordering,” Garin said. – Rappler.com