Cusi orders PNOC, oil companies to discuss strategic petroleum reserve plan

AFP FILE PHOTO

MANILA, Philippines — Energy Secretary Alfonso Cusi has ordered the Philippine National Oil Company (PNOC) to discuss with oil companies the implementation of a strategic petroleum reserve plan, an official of the Department of Energy (DOE) said Saturday.

DOE Oil Industry Management Bureau Director Rino Abad said this was among the topics brought up during the meeting between Cusi and the oil companies on Friday amid the soaring prices of oil and petroleum products.

“Ang unang discussion dyan ay ang alamin ang mga available spare capacity ng storage tanks ng oil companies at dito po sinuportahan naman po ng ating industriya sa private sector,” he said at the Laging Handa public briefing.

(The first discussion there was to identify the available spare capacity of storage tanks of oil companies, and this was supported by the industry in the private sector.)

“Ang direktiba ni Secretary Cusi ay mag-u-usap na po, itong mga darating na araw, mag-u-usap po ang private sector at direkta na po kay Philippine National Oil Company para alamin at pag-usapan ‘yung spare capacity na ‘yan,” he added.

(Secretary Cusi’s directive is a discussion between the private sector directly with the PNOC in the coming days to identify spare capacity.)

Meanwhile, also discussed during Cusi’s meeting with the oil companies were the latter’s compliance with the minimum oil inventory requirement.

“As of February 28, ang ating (our) finished petroleum products ay umaabot ng (is reaching an) average of more than 40 days supply,” said Abad.

Abad added that during the meeting, oil companies said that while they have not yet seen supply disruption, they are experiencing an increase in import costs of petroleum products.

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