Philippines: China export curbs won't hit long-term oil deals - minister

China's fuel export restrictions will not affect existing supply contracts of Philippine oil companies, Energy Secretary Sharon Garin said on Tuesday, adding that Beijing had assured Manila long-term agreements would be honoured. "There is no effect on their current contracts. Their orders are still being honoured," Garin said at a briefing, adding that there was no impact on Philippine oil companies as of that moment. Philippine officials had coordinated with the Chinese embassy in Manila and the Philippines' ambassador to Beijing and received assurances that current long-term fuel supply contracts would continue to be honoured.

The Philippines imports a quarter of its diesel from China, but Garin said traders could secure supplies from alternative sources if needed. The government is exploring long-term supply arrangements with other countries, while private firms remain free to source fuel under the Philippines' deregulated downstream oil sector. The Philippines has an inventory of more than 1 million barrels of diesel. China has reimposed restrictions on fuel exports, renewing concerns about 6.

The Philippines said China’s export restrictions would not affect its long-term oil supply agreements. It said similar restrictions were introduced in March after a crude supply bottleneck linked to the conflict in the Middle East.