Maharlika Investment Corp. (MIC) is targeting to complete the first phase of its petroleum storage project with Philippine National Oil Co. (PNOC) by 2028, BusinessWorld reported, as part of efforts to boost the country’s energy security.
MIC President Rafael Jose M. Consing Jr. said the first phase involves putting together the terms of the collaboration with PNOC and the rest of the consortium. The project aims to establish strategic petroleum reserves and reduce the Philippines' dependence on imported oil.
The storage facility is expected to enhance the country's energy resilience by ensuring a steady supply of petroleum products during disruptions. The completion of the first phase will mark a significant step toward achieving long-term energy security goals.