The Philippines National Oil Company’s (PNOC) President, Pedro Aquino, stated the company plans to import from 250,000b/d to 260,000b/d of oil from Iran, as informed on Press TV.

The Iranian oil is expected to feed Philippines’ new refinery, which will be launched in the next three years and will be be compatible with a variety of Iran’s light and crude oils. According to Aquino, if other refineries show readiness, purchases from Iran will take place sooner.

In related news, a United Engine Corporation (UEC) official said a localization of its products in Iran is one of its purposes. On the sidelines of the Iran Oil Show 2017, Alexander Karaoglanov, who headed a delegation in the event, noted that the competition in the Iranian oil industry is becoming harder, Tehran Times reported.

UEC unites all the main Russian companies specializing in design and serial production of gas turbine engines of different applications. One of the priorities of the company is the introduction of new technologies according to international standards.