The 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.
The MoU establishes a framework for cooperation on the proposed project, with MIC engaging private sector partners to evaluate potential structures for the development, financing, construction, operation, and management of the storage facility.
PNOC will provide relevant data and grant access to its properties in Bataan for project evaluation, with the company's properties in Limay and Mariveles identified as potential sites for petroleum storage facilities.
The Philippines imports most of its fuel requirements, making it vulnerable to fluctuations in global crude oil prices. 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.
The partnership between MIC and PNOC reflects a continued commitment to strengthening the infrastructure foundations of Philippine energy security. Through this collaboration, the two companies are taking a careful and disciplined first step in assessing how PNOC's strategic assets in Bataan may support a more reliable, resilient, and future-ready petroleum supply system for the country.
