Strategic oil reserve remains a priority for Philippines
Establishing a strategic petroleum reserve remains a top priority of the Philippines despite the difficulties in implementing the plan to do so, according to the Philippines’ Energy Secretary Alfonso Cusi.
Strategic oil reserve remains a priority for Philippines (Photo: https://www.bworldonline.com/)Hanoi (VNA) - Establishing a strategic petroleum reserve remains a top priority of the Philippines despite the difficulties in implementing the plan to do so, according to the Philippines’ Energy Secretary Alfonso Cusi.
He stressed that the plan is not aimed at meeting the Philippines’ overall fuel needs but will be exploited as a backup and preventive measure.
The Philippine National Oil Company (PNOC) will continue to accelerate the process of setting up a previously planned strategic petroleum reserve. It has been conducting a comprehensive feasibility study for the project after the Department of Energy (DOE) issued a document in December last year.
The PNOC is in the process of finalising the feasibility study and will give relevant and timely notice as requested, Cusi said.
The DOE previously said that technical and budgetary difficulties needed to be resolved in order to build a strategic petroleum stockpile./.
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