Philippines in talks with several countries, including Saudi Arabia, for oil storage
USO•The Philippines is discussing oil storage with Saudi Arabia, Russia, the United States and other countries as it seeks to build reserves. It plans a government-owned tank in Bataan next year and aims to grow stockpiles from 1 million barrels toward 60 days of supply.
1. Oil storage talks
The Philippines is in talks with Saudi Arabia, Russia, the United States, Japan, Kuwait, the United Arab Emirates and Australia on oil storage, Energy Secretary Sharon Garin said. The country plans to build its first government-owned storage tank next year in Bataan, after supply disruptions following strikes on Iran in February heightened its focus on stockpiles.
2. Fuel reserves
Fuel inventories stand at 55 days, above a 15-day minimum requirement, Garin said. The government holds 1 million barrels in private facilities and plans to scale that volume up over the years toward 60 days of supply, split evenly between crude and fuels.
3. Power supply plans
The Philippines plans to raise diesel and gas-fired power output to offset estimated first-half 2027 declines of 60% in hydropower and 20% in solar output due to El Niño. It also plans 2 gigawatts of new coal-fired capacity over five years alongside 8 gigawatts of additional renewables capacity by 2028.
