Live Breaking News & Updates on Nd Storage Alone Will Cost Us Money

Surigao del Sur Rep. Johnny Pimentel (File photo) MANILA - A lawmaker on Thursday said Congress would not fund the propounded oil importation agreement with Russia because the Philippine government is not in the business of importing and refining crude oil into finished petroleum products. Surigao del Sur Rep. Johnny Pimentel, chair of the House strategic intelligence committee, ruled out the government-to-government purchase of cheap crude oil from Russia because there is no mechanism for the Philippine government to directly import crude oil, whether it is from Russia or from other foreign sources. "Assuming we buy the oil, what will we do with it? We certainly can't refine it because the government does not own a refinery, and storage alone will cost us money," Pimentel said in a statement. He said if the government wants to pursue the oil supply deal, it should include Petron Corporation in the discussion considering the crude oil's compatibility in the company ....

Surigao Del Sur , Camarines Sur , Luis Raymund Villafuerte , Johnny Pimentel , Ferdinand Marcos Jr , Gerardo Erguiza Jr , Petron Corporation , Petron Corp , Philippine National Oil Co , United Nations , Del Sur , Philippines Marat Pavlov , President Elect Ferdinand Marcos , Energy Secretary Alfonso Cusi , Philippine National Oil , Gerardo Erguiza , Surigao Del Sur Rep Johnny Pimentel File Photo Manilaa Lawmaker On Thursday Said Congress Would Not Fund The Propounded Oil Importation Agreement With Russia Because Philippine Government Is In Business Of Importing And Refining Crude Into Finished Petroleum Products , Hair Of The House Strategic Intelligence Committee , Uled Out The Government To Purchase Of Cheap Crude Oil From Russia Because There Is No Mechanism For Philippine Directly Import , Hether It Is From Russia Or Other Foreign Sources Quot Assuming We Buy The Oil , Hat Will We Do With It Certainly Can 39t Refine Because The Government Does Not Owna Refinery , Nd Storage Alone Will Cost Us Money , Uot Pimentel Said Ina Statement He If The Government Wants To Pursue Oil Supply Deal , T Should Include Petron Corporation In The Discussion Considering Crude Oil 39s Compatibility Company Refinery Quot If Russians Want To Sell Their , Hey Should Make The Offer To Petron Corp , Ot To The Philippine Government ,