Tacloban City–House Minority Leader Marcelino “Nonoy” Libanan has called on the state-owned Philippine National Oil Co. (PNOC) to invest in critical coastal petroleum storage facilities, emphasizing the need for strategic fuel reserves to shield the country from global supply shocks and soaring prices amid the ongoing conflict in the Middle East. “The oil crisis caused by the U.S.-Israeli war on Iran clearly underscores the urgent need for the government, through PNOC, to establish its own emergency fuel reserves,” Libanan said in a statement on Sunday. “We need a government-managed buffer stock of key petroleum products—particularly diesel, gasoline, and jet fuel—that can be rapidly deployed during times of crisis,” Libanan added. The lawmaker ibana specifically urged PNOC to prioritize the construction of coastal storage facilities in the Visayas and Mindanao, ensuring more balanced and accessible fuel distribution across the country. As a potential model, Libanan cited the Subic Bay Freeport Zone facility of Philippine Coastal Storage and Pipeline Corp. (PCSPC). PCSPC’s 160-hectare complex has a storage capacity of 6.3 million barrels—approximately one billion liters—of fuel products. It serves Luzon, including much of Metro Manila, through an extensive network of clients in the petroleum sector. The Subic facility is owned by I Squared Capital, a U.S.-based private equity firm specializing in large-scale global infrastructure projects. “Developing coastal petroleum storage facilities is fully aligned with PNOC’s core mission, and a national buffer stock would help extend the country’s ability to withstand severe global or domestic energy disruptions,” Libanan said. PNOC was established in 1973 in response to the global energy crisis triggered by the Arab oil embargo, with a mandate to ensure stable energy supply and promote self-sufficiency. The Department of Energy (DOE) recently authorized PNOC to procure up to two million barrels of buffer fuel in response to ongoing instability in the Middle East and Malacañang’s declaration of a state of national energy emergency. An initial shipment of 22.58 million liters—equivalent to approximately 142,000 barrels—of diesel arrived in the country on March 26. PNOC has so far secured 165.7 million liters of fuel, with deliveries scheduled throughout April, according to Energy Secretary Sharon Garin. Please share Post navigation Libanan Pushes for Aid to 3.5M Coconut Farmers as Biofuel Blending Suspension Looms
