MANILA, PHILIPPINES – The Philippine National Oil Company (PNOC) and the Maharlika Investment Corporation (MIC) have signed a Memorandum of Understanding (MOU) to explore the development of a Storage Tank Farm Project in Bataan, marking an important first step toward realizing a strategic petroleum storage initiative targeted for 2028.

The agreement was signed by Franz Josef George E. Alvarez, President and Chief Executive Officer of PNOC, and Rafael D. Consing, Jr., President and Chief Executive Officer of MIC.

The MOU establishes a general framework for cooperation between PNOC and MIC to evaluate the potential development of a storage tank farm. Under the agreement, MIC will explore engaging private-sector partners and evaluating potential structures for the development, financing, construction, operation, and management of the proposed Storage Tank Farm Project. MIC will also provide regular updates on the project’s status. PNOC, in turn, will make available relevant information and data, and provide reasonable access to its Bataan properties for the purpose of evaluating the project, subject to applicable laws, rules, regulations, and internal approvals.

Led by PNOC, the proposed project is envisioned as part of broader efforts to strengthen the country’s energy security infrastructure by supporting the availability and reliability of petroleum products. PNOC’s properties in Limay and Mariveles, Bataan have been allocated for energy projects, making the area a strategic location for exploring petroleum storage infrastructure.

“This MOU reflects PNOC’s continuing commitment to strengthen the infrastructure foundations of Philippine energy security. Through this partnership, we are taking a careful and disciplined first step in assessing how PNOC’s strategic assets in Bataan may support a more reliable, resilient, and future-ready petroleum supply system for the country,” PNOC PCEO Alvarez said.

“Energy security is national security. By exploring strategic petroleum storage capacity, MIC is helping prepare the country for supply disruptions, price volatility, and the growing energy needs of a modernizing economy,” MIC PCEO Consing said in a statement.

Together, PNOC and MIC are taking a concrete first step toward evaluating a project of national importance: one that may help strengthen the country’s capacity to manage fuel supply risks, support long-term energy resilience, and contribute to the continued growth and stability of the Philippine economy.