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.

In a statement on Thursday, MIC said the MoU establishes a framework for cooperation on the proposed project.

Under the agreement, MIC will engage private sector partners and evaluate potential structures for the development, financing, construction, operation, and management of the storage facility.

PNOC, meanwhile, will provide relevant data and grant access to its properties in Bataan for project evaluation.

“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,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said.

“This MoU reflects PNOC’s continuing commitment to strengthen the infrastructure foundations of Philippine energy security,” PNOC President and Chief Executive Officer Franz Josef George E. 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.

According to MIC, PNOC’s properties in Limay and Mariveles, Bataan, have been identified for energy projects, making them potential sites for petroleum storage facilities.

The Philippines imports most of its fuel requirements, making it vulnerable to fluctuations in global crude oil prices. — Justine Irish D. Tabile