By Benjamin Cuaresma
MANILA — The Maharlika Investment Corporation (MIC) and the Philippine National Oil Company (PNOC) have entered into a partnership to study the development of a strategic petroleum storage tank farm in Bataan, a proposed project aimed at strengthening the country’s energy security and fuel supply resilience.
The two government-owned corporations formalized the initiative through a memorandum of understanding (MOU) signed on June 29 by MIC President and Chief Executive Officer Rafael Consing Jr. and PNOC President and Chief Executive Officer Franz Josef George Alvarez.
The proposed project supports the government’s objective of establishing a strategic petroleum storage system by 2028 to help cushion the country against fuel supply disruptions, global oil price fluctuations, and rising energy demand.
Under the agreement, MIC will evaluate possible investment models and seek private-sector partners that could participate in the financing, construction, operation, and management of the proposed storage facility. The corporation will also provide regular updates on the progress of the evaluation.
PNOC, for its part, will provide technical information and grant access to its properties in Bataan to facilitate feasibility studies, subject to existing laws, government regulations, and internal approval processes.
Consing emphasized that expanding the country’s petroleum storage capacity is a vital investment in national security, saying strategic fuel reserves would help the Philippines better withstand supply interruptions and market volatility.
Alvarez said the partnership reflects PNOC’s commitment to strengthening the country’s energy infrastructure by determining how its strategic assets in Bataan can contribute to a more reliable, resilient, and future-ready petroleum supply network.
Once realized, the project is expected to improve the country’s emergency fuel storage capability, enhance energy preparedness, and support the long-term requirements of the Philippine economy through a more secure and stable petroleum supply system.
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