PH, Israel firm to ink oil exploration deal
THE Philippine government will sign an agreement with an Israeli oil company before President Rodrigo Duterte ends his four-visit day to the Jewish nation, Malacañang said on Tuesday.
- In a news briefing in Jerusalem, Malacañang spokesman Harry Roque Jr. said the agreement with Ratio Petroleum Limited, which will cover energy exploration in
Palawan, will help ensure energy security in the Philippines.
“Inaasahanponatinnamapipirmahan paraposa exploration sapanigng Pilipinasatangisangkumpanya ditosa Israel, etopoay with Ratio Petroleum Limited (We are expecting an agreement on exploration to be signed between the Philippines and a company in Israel, the Ratio Petroleum Limited),” Roque told reporters.
“It’s another foreign investor helping us explore for energy in an effort to provide energy security,” he said.
Roque did not give further details but said the franchise would be an area somewhere in eastern Palawan.
He added that Energy Secretary Alfonso Cusi, who is also in Israel with Duterte, has been in charge of preparations for the signing of the agreement.
Ratio Petroleum, according to
water petroleum rights in Israel, including over the Leviathan natural gas reservoir.
Meanwhile, Roque described as “regrettable” reports that an Israeli
- tion withdrew its participation in a business forum, which will be attended by Duterte, over an earlier remark by the Philippine leader that compared the massacre of Jews during the Holocaust to extrajudicial killings in his drug war.
“That’s truly regrettable because we think the Philippines is one of the best investment destinations,” he said.
“We will miss those who will not attend but I’m sure interest among investors to invest in the Philippines remains at an all-time high,” Roque added.
Earlier, the Philippine and Israeli governments signed three other agreements — Memorandum of Agreement on the Employment of Filipino Caregivers, Memorandum
- operation, and Memorandum of Understanding between the Board of Investments and Invest in Israel.