Saudi Arabia, UAE Offer to Help Build Massive Oil Storage Facilities in PH

The Philippines is poised to receive significant support for its strategic petroleum reserve plans from Saudi Arabia and the UAE, two major oil-producing nations.

Saudi Arabia has offered to build a massive oil storage facility in the country that could hold up to 50 million barrels at no cost to Manila, while the UAE is prepared to fund its own petroleum storage hub in the Philippines.

The Department of Energy (DOE) officials disclosed the offers during a Senate energy committee hearing, where lawmakers urged the government to accelerate plans for building a strategic petroleum reserve.

According to DOE Oil Industry Management Bureau Director Rino Abad, Saudi Arabia would cover the cost of developing its proposed storage facility, which would have a target capacity of up to 50 million barrels.

The UAE has also made a similar proposal, and both countries have expressed willingness to support the Philippines' petroleum reserve plans.