Maharlika, PNOC okay deal on fuel storage tank

The Philippine National Oil Co. (PNOC) and the Maharlika Investment Corp. (MIC) signed a memorandum of understanding (MOU) to explore the development of a storage tank farm project in Bataan.

In a statement on Thursday, the MIC said this is part of government efforts to have a strategic petroleum storage initiative by 2028.

The agreement was signed by Franz Josef George Alvarez, president and chief executive officer of PNOC, and Rafael Consing Jr., president and chief executive officer of MIC, on June 29.

“Energy security is national security. By exploring strategic petroleum storage capacity, MIC is helping prepare the country for supply disruptions, price volatility, and the growing energy needs of a modernizing economy,” Consing said.

The MOU establishes a general framework for cooperation between PNOC and MIC to evaluate the potential development of a storage tank farm.

Under the agreement, MIC will explore private-sector partners and evaluate potential structures for the development, financing, construction, operation, and management of the proposed Storage Tank Farm Project.

MIC will also provide regular updates on the project’s status.

PNOC, meanwhile, will provide data and reasonable access to its Bataan properties for the evaluation of the project, subject to applicable laws, rules, regulations, and internal approvals.

“This MOU reflects PNOC’s continuing commitment to strengthen the infrastructure foundations of Philippine energy security. Through this partnership, we are taking a careful and disciplined first step in assessing how PNOC’s strategic assets in Bataan may support a more reliable, resilient, and future-ready petroleum supply system for the country,” Alvarez said. (PNA)