The Department of Energy (DoE) is considering the Phividec Industrial Estate in Misamis Oriental as well as Subic in Zambales and another site in Quezon province as potential site for the storage of oil reserves which the government plans to import from Russia and other non-OPEC member countries.
In a press release, Energy Secretary Alfonso G. Cusi said the Philippine National Oil Company-Exploration Corporation (PNOC-EC) was specifically tasked in the selling of said petroleum products to independent petroleum dealers and to vulnerable sectors, such as public utility transport groups. Cusi said the move was meant to enhance competition among existing oil industry players and stabilize domestic oil prices. Accordingly, the first oil shipment is expected to arrive by the end of June 2018. Read more details in the below.