STATE-OWNED Philippine National Oil Co. (PNOC) and Maharlika Investment Corp. (MIC) have signed a memorandum of understanding (MOU) to begin evaluating the development of a strategic petroleum storage tank farm in Bataan.
Under the agreement, MIC — the manager of the country’s sovereign wealth fund — will study possible development models for the project, including engaging private-sector partners and assessing potential financing, construction, operation and management arrangements for the planned storage facility.
“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,” MIC President and CEO Rafael Consing said in a statement.
Consing said they would also provide regular updates on the project's progress.
The project is planned to be located on PNOC-owned properties in Limay and Mariveles, Bataan, which have been designated for energy-related developments because of their strategic location.
PNOC will provide relevant information and data and allow reasonable access to its properties for project evaluation, subject to applicable laws, regulations and internal approvals.
"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," PNOC President and CEO Franz Josef George Alvarez said.
The MOU establishes a general framework for cooperation between the two government-owned entities to determine the feasibility of the proposed storage tank farm before moving toward possible implementation.
