Bataan: The Philippine National Oil Co. (PNOC) and the Maharlika Investment Corp. (MIC) have entered into a memorandum of understanding (MOU) to explore the development of a storage tank farm project in Bataan. This initiative is part of the government's strategic petroleum storage plan, aimed for completion by 2028.

According to Philippines News Agency, the agreement was signed by Franz Josef George Alvarez, president and CEO of PNOC, and Rafael Consing Jr., president and CEO of MIC, on June 29. Consing emphasized the importance of energy security as national security, highlighting MIC's role in preparing the country for potential supply disruptions and price fluctuations while accommodating the growing energy demands of a modernizing economy.

The MOU outlines a cooperative framework for PNOC and MIC to assess the potential for developing a storage tank farm. MIC is tasked with exploring private-sector partnerships and assessing potential structures for the project's development, financing, construction, operation, and management. The corporation will also provide regular updates on the project's progress.

PNOC, on the other hand, will supply necessary data and grant access to its Bataan properties for project evaluation, adhering to applicable laws and regulations. Alvarez noted that the MOU signifies PNOC's ongoing commitment to enhancing the infrastructure for Philippine energy security, marking a deliberate step towards utilizing PNOC's strategic assets in Bataan to support a reliable and resilient petroleum supply system for the nation.