Insights
Added Jul 9, 2019

Diesel imports into the Philippines at 3-year high

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Snapshot Philippines

 

In Brief:

  • The Philippines, Southeast Asia’s largest diesel importer, took in 170,000 b/d of diesel in Q2 2019, at least a 3-yr high, according to Vortexa data. June’s imports of 200,000 b/d were the highest so far this year. 
  • Robust domestic demand coupled with lower refinery supply from the shutdown of 180,000 bbl/d refinery in Limay, Bataan, sharply lifted May-June imports. 
  • The refinery was shut down ahead of planned maintenance initially scheduled from the beginning of May, after a strong earthquake hit the province end-April.
  • China’s exports to the country were 120,000 b/d in June, more than doubling from January. China is the largest diesel supplier to the Philippines, the latter being its top export outlet. 
  • The Limay refinery is expected to resume operations in July, but no crude bound for the refinery’s crude import terminal has been observed since the last delivery in April.
  • Shell’s 155,000 b/d Tabangao refinery, meanwhile, the second of the country’s two refineries, received higher crude imports over the last two months (90,000 b/d over May-June), potentially raising refinery runs to meet the domestic supply shortfall.

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