Iran ready to increase crude oil supply to Philippines

Iran said on Friday it is willing to provide additional crude oil to the Philippines if it is needed.

Iranian Ambassador to the Philippines Jalal Kalantari said at a press conference that Iran made this assurance to the Philippine government during bilateral consultations between the two countries.

"We have indicated that in case additional supply is needed, we are ready to negotiate," he said.

Bilateral trade between Manila and Tehran reached about 800 million U.S. dollars in 2004 because of heavy imports of Iranian oil by the Philippines, which buys from 70,000 to 110,000 barrels of oil a day from Iran.

The Philippines relies by more than 90 percent on imports of oil products for its energy supply.

Iran, the Philippines' third largest trade partner in the Middle East, recently invested 100 million U.S. dollars in the Philippine petrochemical sector, which is considered a sign of flourishing ties between the two countries.

Source: Xinhua