MIC, PNOC sign deal for Bataan petroleum storage project

MANILA, Philippines – The Maharlika Investment Corporation (MIC) and the Philippine National Oil Company (PNOC) have agreed to explore developing a storage tank farm in Bataan to boost the country’s energy security.

In a statement, MIC said the memorandum of understanding between the two state-run firms establishes a framework for cooperation in evaluating the project, which forms part of a broader strategic petroleum storage initiative targeted for 2028.

READ: Maharlika eyes oil storage venture with PNOC to boost energy resilience

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The deal was signed last June 29.

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Under the agreement, MIC will explore engaging private-sector partners and evaluate potential arrangements for the project’s development, financing, construction, operation, and management.

For its part, PNOC will share relevant data and grant access to its Bataan properties earmarked for energy projects.

READ: PNOC asks Congress for P8-B fuel budget

“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,” MIC President and CEO Rafael Consing said.

The proposed storage tank farm will strengthen the country’s energy security infrastructure by improving the availability and reliability of petroleum products. /pai INQ

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