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Manila Bulletin devider Business devider Trade & Industry devider Maharlika, PNOC to build first-ever strategic oil reserve by 2028

Maharlika, PNOC to build first-ever strategic oil reserve by 2028

Published Jul 9, 2026 05:21 pm

At A Glance

  • Sovereign wealth fund manager Maharlika Investment Corp. (MIC) and the Philippine National Oil Company (PNOC) have started exploring the development of a strategic petroleum storage facility targeted for completion by 2028, including a potential financing and operating structure for the project.
The Philippines’ sovereign wealth fund and its state-run oil company are exploring the construction of the country’s first strategic petroleum storage facility, aiming to shield the import-dependent nation from global energy market shocks.
Maharlika Investment Corp. (MIC) and the Philippine National Oil Co. (PNOC) have signed a memorandum of understanding (MOU) to evaluate the development, financing, and operational structure of a strategic tank farm in Bataan province. The agencies aim to complete the first phase of the infrastructure project by 2028.
Under the agreement, MIC will lead the evaluation of how best to finance, construct, and manage the proposed facility, while also exploring private-sector partnerships to bolster the initiative.
MIC President and Chief Executive Officer (CEO) Rafael D. Consing Jr. described the project as a fundamental component of the country's broader safety net against global market instability.
“Energy security is national security. 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,” Consing said in a statement.
The initiative comes as the Marcos administration intensifies efforts to build more resilient energy infrastructure. To facilitate a comprehensive evaluation, PNOC will provide critical technical data and access to its Bataan properties.
PNOC President and CEO Franz Josef George E. Alvarez emphasized that the move represents a calculated effort to modernize the nation's fuel supply chain.
“This MOU reflects PNOC's continuing commitment to strengthen the infrastructure foundations of Philippine energy security,” Alvarez said.
“Through this partnership, we 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,” he added.
By establishing a strategic reserve, both agencies aim to mitigate the risks of fuel supply shocks, ultimately contributing to the long-term stability and continued growth of the Philippine economy. (Derco Rosal)

Related Tags

Maharlika Investemnt Corp. (MIC) PNOC Rafael Jose D. Consing Jr. Energy
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