President Rodrigo Roa Duterte signed on Wednesday (October 17) an oil and petroleum exploration deal with an Israel firm in line with the government’s “effort to attain energy security and sustainability at the soonest time possible.”
President Duterte and Energy Secretary Alfonso Cusi signed the PSC on behalf of the Philippine government while Mr. Itay Rapahel Tabibzada, president and CEO, signed for the Israeli firm Ratio Petroleum Ltd.
The PSC is the first petroleum service contract signed under the Duterte Administration.
“The President has been very clear – our country needs to attain energy security and sustainability at the soonest possible time. We are currently experiencing how our dependence on importation has left us at the mercy of price movements in the global oil markets. We need to boost the exploration and development of our own energy resources and the awarding of the petroleum service contract to Ratio Petroleum is a step in the right direction,” Secretary Cusi was quoted as saying.
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SOURCE : UNTV News
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