Maharlika Investment Corp. (MIC) and Philippine National Oil Co. (PNOC) have signed a memorandum of understanding (MoU) to study the development of a petroleum storage tank farm in Bataan, as part of efforts to strengthen the country’s energy security, according to BusinessWorld.
The MoU establishes a framework for cooperation between the two state-owned entities to assess the feasibility of a large-scale petroleum storage facility in Bataan. The project aims to enhance the Philippines' fuel buffer stock and mitigate supply disruptions, given the province's strategic location near major shipping lanes and existing refinery and port infrastructure.
MIC President and CEO Rafael Consing Jr. said the study will help determine the optimal capacity and investment structure for the facility. PNOC President Oliver Butalid added that the partnership aligns with the national government’s push for energy independence. The feasibility study is expected to be completed within the year.