Philippines, UAE partnership for oil storage facility sought
MANILA, Philippines — The government is courting the United Arab Emirates to build a strategic oil storage facility that can transform the Philippines into a regional energy hub and cushion domestic consumers from global price volatility.
Senate energy committee chairman Erwin Tulfo pitched the government-to-government cooperation during bilateral talks on Oct. 29 with officials from the Abu Dhabi National Oil Co. (ADNOC), led by its chairman, Sultan Ahmed-Al Jaber.
“We have been pushing for this strategic oil hub as we see how beneficial it will be for Filipinos who are currently experiencing price shocks brought by high oil prices, because we lack access to it,” Tulfo told the UAE delegation.
ADNOC, which currently supplies Petron with approximately 40,000 barrels per day, expressed its willingness to advance the partnership.
To expedite discussions, the UAE delegation proposed sharing an existing storage contract framework for the Philippine government’s review, noting that a regional hub could significantly boost supply volumes.
Both parties identified a target rollout for the second quarter of 2027, pending final agreements on the facility’s location, infrastructure responsibilities, commercial terms and implementation schedule.
The proposed storage facility is expected to anchor a broader bilateral energy pact that would eventually cover crude supply agreements, refinery investments, fuel retail networks, gas-to-power development and renewable energy.
Tulfo said that while the deal is not yet final, he would shepherd subsequent meetings to secure the partnership.
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