Duterte invites Rosneft to help PH in oil, gas development

October 3, 2019

President Rodrigo Duterte has invited a Russian oil and gas corporation to invest in the Philippines.

In a statement on Thursday, Presidential Spokesperson Salvador Panelo said Duterte met with Rosneft Oil Co. Chief Executive Officer Igor Sechin on Wednesday night at the Four Seasons Hotel in Moscow.

"The President invited Rosneft, the leader in the Russian oil sector, to invest in the Philippines, particularly with regard to oil and gas development," he said in a statement.

He said Duterte assured Sechin and other Rosneft officials that their investments are safe in the Philippines and he would not tolerate corruption in the bureaucracy.

"We wish to add that the Chief Executive underscored that any agreement that will be executed or performed for such purpose shall undergo the proper domestic processes and comply with applicable laws and pertinent rules and regulations so as not to leave any room for corruption or irregularity," Panelo said.

According to Rosneft website, the company is focused on exploration and appraisal of hydrocarbon fields, production of oil, gas and gas condensate, offshore field development projects, feedstock processing, sales of oil, gas and refined products in the territory of Russia and abroad.

It is included in the list of Russia's strategic companies.

Also present in the meeting were Foreign Affairs Secretary Teodoro Locsin Jr., Executive Secretary Salvador Medialdea, Finance Secretary Carlos Dominguez III, Defense Secretary Delfin Lorenzana, Energy Secretary Alfonso Cusi, National Security Adviser Hermogenes Esperon Jr., Senator Christopher Lawrence "Bong" Go, and Philippine Ambassador to Russia Carlos Sorreta. Celerina Monte/DMS