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MAHARLIKA INVESTMENT CORP. (MIC) and Philippine National Oil Co. (PNOC) have signed a memorandum of understanding (MoU) to check the event of a petroleum storage tank farm in Bataan as a part of efforts to strengthen the country\u2019s energy security.<\/span><\/p>\n In a press release on Thursday, MIC said the MoU establishes a framework for cooperation on the proposed project.<\/p>\n Under the agreement, MIC will engage private sector partners and evaluate potential structures for the event, financing, construction, operation, and management of the storage facility.<\/p>\n PNOC, meanwhile, will provide relevant data and grant access to its properties in Bataan for project evaluation.<\/p>\n \u201cBy exploring strategic petroleum storage capability, MIC helps prepare the country for supply disruptions, price volatility, and the growing energy needs of a modernizing economy,\u201d MIC President and Chief Executive Officer Rafael D. Consing, Jr. said.<\/p>\n \u201cThis MoU reflects PNOC\u2019s continuing commitment to strengthen the infrastructure foundations of Philippine energy security,\u201d PNOC President and Chief Executive Officer Franz Josef George E. Alvarez said.<\/p>\n \u201cThrough this partnership, we’re taking a careful and disciplined first step in assessing how PNOC\u2019s strategic assets in Bataan may support a more reliable, resilient, and future-ready petroleum supply system for the country,\u201d he added.<\/p>\n In keeping with MIC, PNOC\u2019s properties in Limay and Mariveles, Bataan, have been identified for energy projects, making them potential sites for petroleum storage facilities.<\/p>\n The Philippines imports most of its fuel requirements, making it vulnerable to fluctuations in global crude oil prices. \u2014 Justine Irish D. Tabile<\/b><\/p>\n<\/p><\/div>\n <\/p>\n","protected":false},"excerpt":{"rendered":" MAGNIFIC\/FREEPIK MAHARLIKA INVESTMENT CORP. (MIC) and Philippine National Oil Co. (PNOC) have signed a memorandum of understanding (MoU) to check the event of a petroleum storage tank farm in Bataan as a part of efforts to strengthen the country\u2019s energy security. In a press release on Thursday, MIC said the MoU establishes a framework for […]<\/p>\n","protected":false},"author":1,"featured_media":364888,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[21844,4315,11233,41339,4995,3539,1529],"class_list":["post-364887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bataan","tag-mic","tag-petroleum","tag-pnoc","tag-project","tag-storage","tag-study"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t