Duterte invites Russian oil company to invest in PH – Panelo

SOCHI, Russia — President Rodrigo Duterte has invited a leading Russian oil company to invest in the Philippines, particularly in the area of oil and gas exploration.

According to Presidential Spokesperson Salvador Panelo, Duterte made the invitation to the chief executive officer of Rosneft Oil Co., Igor Sechin, during a closed-door meeting in Moscow on Wednesday.

“The President invited Rosneft, the leader in the Russian oil sector, to invest in the Philippines, particularly with regard to oil and gas development,” Panelo said in a statement on Thursday.

Duterte, the Palace official said, assured the company officials “that their investments are safe in the Philippines and that he would not tolerate corruption in the bureaucracy.”

Panelo further said that Duterte 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.”

Duterte was accompanied by Foreign Affairs Secretary Teodoro Locsin Jr., Executive Secretary Salvador Medialdea, Finance Secretary Carlos Dominguez III, Defense Secretary Delfin Lorenzana, Energy Secretary Alfonso Cusi, and National Security Adviser Hermogenes Esperon Jr.

Duterte’s former aide and now Senator Christopher Lawrence “Bong” Go and Philippine Ambassador to Russia Carlos Sorreta also joined the President.

The President’s meeting with the Russian oil company came after he met with Russian Prime Minister Dmitry Medvedev in his office in Moscow.

Duterte arrived here late Wednesday (Thursday morning in Manila) to hold talks with his counterpart, Vladimir Putin, and participate in the annual forum of a prominent Russian think tank.

READ: Duterte arrives in Sochi for meeting with Putin