Philippines planning to import 260,000 barrels of Iranian oil daily

Pedro A. Aquino, Jr. said that the Philippines is going to build a 400-barrell refinery and to provide the feedstock, the country has entered negotiations with Iran.

“Construction of the new refinery is expected to be completed in three years,” Aquino said, adding that the new refinery can process both the light and heavy oil from Iran.

He added that if another refinery is ready, they will start the purchase of Iranian oil sooner.

Answering a question about liquefied natural gas (LNG), he said that the negotiations are in progress with Iran, as well, to buy LNG from the Islamic Republic.

A memorandum of understanding has been signed with Iran for buying two million tons of LNG per year from the country, he added.

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