Senator Erwin Tulfo is pushing for a strategic oil storage facility in the Philippines through a partnership with the United Arab Emirates (UAE), hoping to strengthen the country’s fuel supply and cushion consumers from oil price shocks.
Tulfo, chairman of the Senate Committee on Energy, discussed the proposed project with UAE officials during a meeting on October 29, joined by Philippine Ambassador to UAE Alfonso Ver and Special Envoy for Trade and Investment Kathryna Yu-Pimentel.
The Philippine delegation proposed government-to-government cooperation, along with private sector participation, to make the planned oil hub possible.
“We have been pushing for this strategic oil hub as we see how beneficial it will be for Filipinos who are currently experiencing price shocks brought by high oil prices, because we lack access to it,” Tulfo said.
The UAE delegation, led by Abu Dhabi National Oil Company (ADNOC) Chairman Sultan Ahmed Al Jaber, expressed willingness to pursue the partnership.
ADNOC currently supplies Petron with approximately 40,000 barrels of oil daily. UAE officials also offered to share an existing storage contract framework for the Philippine government’s review.
The two sides are looking at the second quarter of 2027 as a possible rollout period, subject to agreements on the project site, infrastructure responsibilities, commercial terms and implementation schedule.
The proposed partnership could also cover refinery investments, fuel retail networks, renewable energy and gas-to-power development. No final agreement has been reached.IMT
