MALAYSIA ASSURES RP OF OIL SUPPLY IN CASE OF WAR  

Kuala Lumpur, Feb. 26, 2003 -- Malaysia has committed to provide the Philippines with enough oil in the event that the US-Iraq war breaks out, Foreign Affairs Secretary Blas Ople said.

"There is an agreement to that. Oil producers Indonesia, Malaysia and Brunei Darrusalam are committed to provide any oil that we may need in the event of an acute oil shortage in the world," he said.

Ople said the Asean Petroleum Supply Agreement (APSA) forged by energy ministers commits the oil-exporting nations in Asean to supply crude oil to other non-oil producing Asean members.

At present, local oil companies are sourcing portions of their crude and petroleum products requirements from Malaysia, Indonesia, Singapore and Thailand. Ople said aside from the oil-producing Asean countries, Russia and Iran have also committed to supply the Philippines the oil it needs.

He said additional oil would further increase the country's oil inventory level which has already reached 77 days of supply.

The country's current oil inventory level is the highest in the region, he added. Energy Secretary Vincent Perez earlier said the government is preparing for the "worst-case" scenario. (PNA)


Reported by: Sol Jose Vanzi

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