A proposed Philippine oil-storage hub has a tentative second-quarter 2027 target, with Gulf News reporting that Senate Energy Committee Chairperson Erwin Tulfo sees it as bolstering energy security and shielding consumers from price swings.
In a report citing unnamed local media, Gulf News said discussions between Tulfo and Abu Dhabi National Oil Co. (ADNOC) took place in Abu Dhabi on Oct. 29. The outlet described a planned regional storage base for ADNOC and said the agenda also covered crude supplies, refinery investment, fuel retailing, renewable energy and gas-fired power.
The proposal follows the UAE-Philippines Comprehensive Economic Partnership Agreement (CEPA), which Gulf News said was signed in June. EconoTimes previously covered the Philippines' exploration of a strategic-reserves partnership with ADNOC.
Tulfo said he would lead the next round of discussions, according to Gulf News, which reported that no formal agreement had been completed. The UAE side offered a storage-contract framework for Philippine officials to review. The project’s site, infrastructure responsibilities, commercial terms and implementation plan remain unsettled.
Gulf News reported that Tulfo said the facility could bolster national energy security and help consumers withstand swings in international oil prices. The outlet also described a strategic reserve as a potential buffer during geopolitical or logistics disruptions.
Gulf News also reported that Saudi Aramco was reportedly in preliminary talks with the Department of Energy (DOE) and Philippine National Oil Company (PNOC) about financing, building and operating a commercial storage and export hub in Bataan. Philippine Secretary Sharon Garin told Reuters on Oct. 28 that Manila was also discussing oil storage with Russia and the United States to hedge against fuel-price spikes linked to the Iran war.
Gulf News identified a possible memorandum of understanding, a location decision, review of ADNOC’s storage framework and financing details as indicators of progress. The second-quarter 2027 target remains conditional on resolving the outstanding commercial and infrastructure terms.
