The Russians were given the framework and information and guidelines on how to invest in the energy sector.

President Rodrigo Roa Duterte and the members of his delegation hold a bilateral meeting with Russian Prime Minister Dmitry Medvedev and other Russian officials at the Prime Minister's Office in Moscow on October 2, 2019. ROBINSON NIÑAL JR./PRESIDENTIAL PHOTO

The Russians are coming. or their investments in the energy sector, at least.

The strong interest of Moscow-based oil developers in the country was made clear to Department of Energy (DoE) Secretary Alfonso Cusi after a closed-door meeting between President Rodrigo Duterte and PJSC Rosneft Oil Company chief executive officer Igor Sechin last Thursday.

The Russians were given the framework, information and guidelines on how to invest in the energy sector that they have to follow, according to Cusi, who is with Mr. Duterte’s delegation in the President’s official visit to Russia.

The Energy chief stressed the Russians have expressed interest in investing in the energy sector since the first visit of Mr. Duterte in May 2017 that was cut short by the Marawi City siege.

Russian investments in the energy sector will be a huge boost to the country’s efforts for a stable energy supply.

Russia is one of the top three oil-producing countries with a production of 10.8 million barrels per day, according to data from the US Energy Information Administration.

“The Russians have expressed their interest in exploration, power sector and petroleum. This is a welcome development and will help boost our campaign for energy security and stability,” Cusi told Daily Tribune.

The DoE signed in 2017 a memorandum of understanding with Russia’s Energy Ministry and Rosatom “to promote cooperation in the field of energy,” he maintained.

“They, in fact, assisted us in evaluating the BNPP (Bataan Nuclear Power Plant) options,” he added.

Cusi stressed the DoE has been on international roadshows to attract foreign investors in the energy industry.

“We have been inviting the Russians and other nationalities to invest in the Philippine energy industry. We in fact do roadshows in other countries to promote investment opportunities in energy sector,” he said.

During last month’s Association of Southeast Asian Nations (ASEAN) Ministers Meeting in Bangkok, Cusi proposed a joint exploration and development of resources within ASEAN’s common borders as part of the ASEAN Plan of Action for Energy Cooperation.

For his part, DoE Assistant Secretary Gerardo Erguiza said a potential oil and gas development with Russia’s top oil producer Rosneft Oil Co. “would go a long way in helping us attain our goals of energy sufficiency, security and equity.”

“The more investors, the better [for the Philippines],” Erguiza added.