Gov't marketing PH as oil storage hub in Asia - DOE

The government is promoting the Philippines to be an oil storage hub for the whole of Asia, the Department of Energy (DOE) said on Tuesday.

The DOE said the plan is to allow other countries to build storage facilities in the country.

"We are marketing the Philippines to be a regional hub for the ASEAN community or even for the Asian community na pwede silang mag-build ng storage facility sa Pilipinas at pwede sila mag-store dito, mag-stockpile dito sa Pilipinas," said Energy Secretary Sharon Garin in a press briefing.

(We are marketing the Philippines to be a regional hub for the ASEAN community or even for the Asian community where they can build a storage facility in the Philippines, and they can store here and stockpile here in the Philippines.)

But the department said that in case of oil emergencies, the Philippines would be a priority.

"Basta ang condition lang diyan, in case of emergency, dapat ‘yung host country, ‘yung bansa natin, would have priority," said Garin.

(As long as the only condition there is, in case of emergency, the host country—our country—would have priority.)

The DOE earlier bared that Saudi Arabia’s Aramco, one of the world’s largest petroleum and energy companies, is considering establishing an oil export hub in Bataan province.

The proposed Bataan site is owned by state-run Philippine National Oil Company (PNOC).

Bataan is also being eyed as the site of a 15-million-barrel reserve as part of the country’s national oil stockpiling program.

The DOE earlier gave an indicative cost and timeline for the Philippines’ national oil stockpile, saying an estimated P5 billion would be needed to build a system capable of storing 500,000 to 1 million barrels.

Oil supply

Meanwhile, the DOE said that it is seeking deals with other countries other than the Middle Eastern region for the country's fuel supply.

"Continuous po ‘yung pakikipag-usap natin sa iba't-ibang bansa na possible future suppliers instead of depending only on the Middle East supply. Tuloy-tuloy pa rin po ‘yung pakikipag-usap natin sa mga embassies nila dito at sa mag international communities din, we continue," said Garin.

(Our discussions with various countries that are possible future suppliers are continuous, instead of depending only on the Middle East supply. Our discussions with their embassies here and with international communities are still ongoing, we continue.)

"That's why we are moving forward also, we have the PNOC, that is already studying and intending to construct the facilities for our national reserve, para hindi lang 50 days ang reserve natin, we can add more and hopefully, we can reach about 120 days na supply dito sa loob ng Pilipinas," she added.

(That's why we are moving forward also, we have the PNOC, that is already studying and intending to construct the facilities for our national reserve, so that our reserve isn't just for 50 days, we can add more and hopefully, we can reach about 120 days of supply here inside the Philippines.)

Bataan is also being eyed as the site of a 15-million-barrel reserve as part of the country’s national oil stockpiling program.

The DOE earlier gave an indicative cost and timeline for the Philippines’ national oil stockpile, saying an estimated P5 billion would be needed to build a system capable of storing 500,000 to 1 million barrels.—RF, GMA News