Middle East Oil Firms Eye Investing in Philippine Storage

Energy Secretary Sharon Garin announced that industry players from the Middle East have expressed interest in investing in the Philippines' oil storage facilities.

The companies are willing to store their crude oil in the country, either by bringing it in or investing in infrastructure.

Garin stated that some of these companies proposed giving preference to the Philippines if a crisis were to occur elsewhere in the world.

Sheralyn Guevara, from Jetti Petroleum, warned that fuel prices may surge due to global product inventory disruptions and refinery output issues.