Garin: PH may have own oil reserve storage by 2027

MANILA, Philippines — The government is looking at building at least  one oil reserve storage by next year or the early part  of 2028 in a bid to mitigate the effects of severe fuel market shocks and supply disruptions.

The construction of the facility alone would take about a year, according to Energy Secretary Sharon Garin when asked about it by Sen. Erwin Tulfo at Wednesday’s hearing of  the Senate committee on energy.

READ: Creation of gov’t-owned oil depot pushed in Senate

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“If we’re talking about only one million barrels, we can scale it up over time. It would probably take about a year, Mr. Chair,” Garin said.

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“So within this administration, yes. The construction would take about a year, plus the permitting process with the DENR (Department of Environment and Natural Resources), importation, and everything else that needs to be done. So I think it can be completed within this administration, Mr. Chair,” she added.

Further pressed by Tulfo if the project could  be done before 2028, Garin answered in the affirmative.

“Yes sir, that’s the plan. We’re actually doing the calendars na and hopefully last quarter of 2027 or first quarter of 2028,” she said.

According to her, the Philippine National Oil Company and the Department of Energy have been talking to the Maharlika Investment Corp. since building a storage for million barrels of oil alone would cost about  P5 billion.

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Garin herself recognized the need for the country to establish its own oil reserves “for national security.”

Filipinos have been reeling from soaring fuel prices triggered by the crisis in the Middle East. /das

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