President Duterte invites Russian oil company to invest in Philippines

News

President Rodrigo Duterte met with officials of Russian government controlled Russian integrated energy company Rosneft in Moscow on October 2.

According to Presidential Spokesperson Salvador Panelo, the President invited Rosneft, the leader in the Russian oil sector, to invest in the Philippines, particularly with regard to oil and gas development.

The President assured Rosneft officials that their investments are safe in the Philippines and that 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.

Among the Rosneft officials who paid a courtesy call to President Duterte were Zeljko Runje, Vice President for Offshore Projects of Rosneft; Didier Casimiro, Vice President for Refining, Petrochemical, Commerce and Logistics of Rosneft; and Boris Kovalchuk, Chief Executive Officer of Inter RAO.