Iran Eyes Oil, Coal, Cement Supply To Philippines
MANILA (Dispatches) - Iranian businessmen are exploring trade opportunities in oil, fertilizer, coal, cement and agriculture products in the Philippines as it opens up its economy.
Pedrito Ali Mousavi Mortazi, Iran Chamber of Commerce president, in an interview said the governments of Iran and the Philippines are exploring the possibility of sourcing crude oil from the former which would be refined in a third country for export to the Philippines at a lower price.
Mortazi said the Philippines currently buys oil and petrochemical products from traders in Singapore at 40 percent markup. However, he said, Iran could similarly purchase the same 20 percent cheaper than what it currently buys.
He said the intention is to supply the smaller oil distributors since the big companies Shell, Petron and Chevron have their own refineries.
“This is a direct government-to-government (agreement) for the first time after the revolution in Iran in 1977 when it turned from Kingdom into Republic . Since the time, there has been no serious agreements. The oil and petrochemical business is a multimillion dollar business,” Mortazi said.