The Philippine National Oil Company (PNOC), a government-owned and controlled corporation, has received a major diesel fuel shipment at the Port of Subic Bay, marking a significant move to reinforce the country’s energy security amid global supply uncertainties.
The shipment, totaling 44,119 metric tons or approximately 329,505 barrels of diesel fuel, arrived in Subic Freeport on April 10 through the storage facilities of the Philippine Coastal Storage and Pipeline Corporation (PCSPC).
Subic Bay Metropolitan Authority (SBMA) Senior Deputy Administrator for Port Operations Ronnie Yambao said the arrival of the diesel cargo underscores the strategic role of Subic Bay in supporting the country’s fuel supply requirements.
He added that on March 30, the Bureau of Internal Revenue (BIR) issued a special permit to PNOC Exploration Corporation (PNOC-EC) to expedite the emergency importation of petroleum products, particularly diesel, to help stabilize the nation’s energy supply.
“The special permit is intended to streamline standard bureaucratic and customs procedures that could delay the immediate importation of fuel,” Yambao said.
PNOC-EC is set to procure a total of two million barrels of oil and 22,000 metric tons of liquefied petroleum gas (LPG) as part of efforts to establish a national buffer stock aimed at mitigating price volatility and ensuring supply stability.
These emergency reserves are expected to add approximately 10 days of fuel supply while further strengthening the country’s LPG reserves in response to market disruptions in the Middle East.
Subic Bay Freeport is home to PCSPC, the country’s largest petroleum import storage facility, which holds a substantial share of the Philippines’ national fuel reserves.
The facility has an estimated storage capacity of 6.3 million barrels, or roughly one billion liters, accounting for around 20 percent of the country’s total fuel storage capacity.
Spanning approximately 160 hectares, the depot is strategically located across the Boton and Maritan Hill areas within the Freeport.
PCSPC also utilizes former infrastructure from the historic U.S. Naval Base in Subic Bay. During the height of the Vietnam War, the site reportedly handled the largest volume of fuel oil among all U.S. naval facilities worldwide.
Today, the facility remains a vital logistics hub for the storage and distribution of diesel, gasoline, and jet fuel to key markets including Metro Manila, Central Luzon, and Northern Luzon. (SNL)
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