State-run Philippine National Oil Co. may put up a storage facility for the planned importation of low-priced diesel by subsidiary PNOC Exploration Corp., a Cabinet official said.
Energy Secretary Alfonso Cusi said the oil importation would push through despite encountering delays over procurement issues.
“That will push through because we want PNOC to participate in the supply chain, Of course, we are also addressing the reserve requirement of the country,” Cusi said.
“Whether prices are high or low, we need ample reserves,” he said.
PNOC EC earlier negotiated with fuel suppliers for the shipment of an initial 50,000 metric tons of Philippine standard or Euro-4 gas oil or diesel fuel, after the second invitation to bid failed.
PNOC EC is eyeing 50,000 MT of gasoline or diesel fuel “at any safe port in the Philippines” designated by the company.