THE Philippines is pursuing oil reserve partnerships with Saudi Arabia, Japan and the United Arab Emirates (UAE) as it seeks to expand its emergency fuel stockpiles, with a proposed Saudi-backed facility potentially holding 50 million barrels of oil.
“Our plan is to keep on expanding up to 15 million [barrels],” Energy Director Rino E. Abad told the Senate Energy Committee on Thursday. “And the initial discussion with Saudi Arabia, it is bigger. They are targeting a capacity of 50 million barrels.”
He said the Department of Energy (DoE) has held preparatory talks with Japan’s Ministry of Economy, Trade and Industry and Saudi Arabia, resulting in the submission of concept notes. Negotiations with the UAE are expected to follow.
He said the proposed Saudi facility would give the Philippines access to the reserve during emergencies.
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