Philippines Pursues Saudi Oil Storage Deal Amid Global Energy Uncertainty
The Philippines has initiated talks with Saudi Arabia to establish a strategic oil storage facility in the country. The move aims to secure fuel supply access and safeguard against global disruptions, following a recent energy crisis triggered by the US-Israel attacks on Iran.
The proposed project is part of the Philippine Strategic Petroleum Reserve Act, which seeks to build energy resiliency and protect consumers from global energy crunches. Saudi oil giant Aramco has expressed interest in facilitating a feasibility study for the storage facility, which could have a holding capacity of 50 million barrels of oil.
Rino E. Abad, director of the oil industry management bureau at the Department of Energy, stated that the discussion with Saudi Arabia is 'at a preliminary stage' and covers the interest in establishing a storage facility for crude oil and/or finished product in the Philippines.